Q.1)-Economic rent refers to-
  • Payment made for the use of land
  • Profit
  • Producer's surplus
  • Consumer's surplus
Q.2)-The Marginal Utility Curve slopes downward from left to right indicating.
  • A direct relationship between marginal utility and the stock of commodity
  • A constant relationship between marginal utility and the stock of commodity
  • A proportionate relationship between marginal utility and the stock of commodity
  • An inverse relationship between marginal utility and the stock of commodity
Q.3)-Enterpreneurial ability is a special kind of labour that-
  • Is hired out to firms at high wages
  • Organises the process of production
  • Produce new capital goods to earn interest
  • Manage to avoid losses by continual
Q.4)-When marginal utility is zero, the total utility is-
  • Minimum
  • Increasing
  • Maximum
  • Decreasing
Q.5)-Operating Surplus arises in the-
  • Government sector
  • Production for self consumption
  • Subsistance farming
  • Enterprise Sector
Q.6)-The fixed cost on such factors of production which are neither hired nor bought by the firm is called-
  • Social cost
  • Opportunity cost
  • Economic cost
  • Surcharged cost
Q.7)-Given the money wages,if the price level in an economy increases, then the real wages will-
  • Increase
  • Decrease
  • Creating utility
  • Become flexible
Q.8)-According to modern thinking the law of diminshing returns applies to-
  • Agriculture
  • Industry
  • Mining
  • All fields of production
Q.9)-Which is the most essential function of an enterpreneur?
  • Supervision
  • Management
  • Marketing
  • Risk bearing
Q.10)-Knowledge, technical skill, education etc, in economics, are regarded as-
  • Social-overhead capital
  • Human capital
  • Tangible physical capital
  • Working capital