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