Q.21)-The remuneration of the enterpreneur in production is-
- Pure profit
- Gross profit
- Net profit
- Super-normal profit
Q.22)-The basic objective of all production is to-
- Satisfy human wants
- Provide employment
- Make profits
- Increase physical output
Q.23)-Third stage of law of Variable proporation is called-
- Negative returns
- Positive returns
- Constant returns
- Increasing returns
Q.24)-Minimum payment to factor of production is called-
- Quasi Rent
- Rent
- Wages
- Transfer payment
Q.25)-Returns to scale is a-
- Timeless phenomenon
- Directionless phenomenon
- Short run phenomenon
- Long run phenomenon
Q.26)-Consumer gets maximum satisfaction at the point where-
- Marginal Utility = Price
- Marginal Utility > Price
- Marginal Utility < Price
- Marginal Cost = Price
Q.27)-Production refers to-
- Destruction of utility
- Creation of utilities
- Exchange value
- Use of a product
Q.28)-The law of diminishing returns applies to-
- All sectors
- Industrial sector
- Agriculture sector
- Service sector
Q.29)-The study of factor pricing is alternatively called the theory of-
- Functional distribution
- Personal distribution
- Income distribution
- Wealth distribution
Q.30)-The internal rate of return-
- Must be less than the interest rate if the firm is to invest
- Makes the present value of profits equal to the present value of costs
- Falls as the annual yield of an investment rises
- Is equal to the market interest rate for all the firm is investment