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11th Economics Weekly Test - 3 ( Distribution Analysis )

MABS Institution

11th Economics Weekly Test - 3 ( Distribution Analysis )-Aug 2020

Time : 1.00 Hours

Part - A

Multiple Choice Question - Answer All Question

The Agio theory of interest was propounded by John Rae. But credit goes to ___________.

Bohm Bawerk
Benham
Walker
Knut Wickseel

There is no ________ cost under perfect competitive market.

Factor
Transport
SAC
SMC

Market structure classified into ______

Two
One
Three
Five

On the basis of regulation the market can be classified as ..................

spot market
future market
both (a) and (b)
none of these

Perfect competition is a market situation where we have?

Single Seller
Two Seller
Large number of Seller
Few Seller

Price elasticity of demand for individual firm in monopolistic competition is___________________.

infinite
very low
high
low

Loanable Funds Theory of Interest is called as ___________.

Classical Theory
Modern Theory
Traditional Theory
Neo-Clasical Theory

MR is defined as ..................

the change in price divided by the change in output
the change in P x Q due to unit change in price
the change in P x Q due to unit change in output
price, but only if the firm is price searcher

The firm and industry are one and the same under_______________.

perfect competition
duopoly
oligopoly
monopoly

The land which yields rent is called ______________.

"Intra - Average Land"
"Intra - Marginal Land"
Inter Land
None of these

TC is given as ....................

TC = TVC
TC = FC + VC
TC = TFC + TVC
TC = MC - X

Rent theory was propounded by _____________.

Alfred Marshall
David Ricardo
Bohm - Bawerk
Knut Wicksell

A_________refers to a single production unit producing a commodity.

Industry
Firm
Factory
None

Technical Monopoly

Diamond
Gold
CoCo - Cola
None

___________ is the surplus of income over expenses on production.

Interest
Wages
Profit
Rent

The theory of factor prices are popularly known as __________.

Theory of distribution
Theory of interest
Theory of profit
All the above

The average wage of a worker can be calculated by using _____________ formula.

Average Wage per Worker = \({{Total\ Wage\ Fund}\over{No.\ of\ Workers}}\)
Marginal Wage of Worker = \({{Total\ Wage\ }\over{No.\ of\ Workers}}\)
Average Wage per Worker x Price
Average Wage x Output

The market structure in which there is only one buyer of a good is called_____________.

Monopoly
Duopoly
Oligopoly
Monopsony

"Wages as a sum of money are paid under contract by an employer to a worker for services rendered" - Who said this?

Benham
Marshall
Walker
J.S. Mill

Wages is the reward for _________.

Land
Labour
Capital
Organisation

Which is the first order condition for the profit of a firm to be maximum?

AC = MR
MC = MR
MR = AR
AC = AR

The Residual Claimant theory was introduced in the year __________.

1975
1886
1875
1890

The American economist ____________ modified and gave a new theory called time preference theory.

Alfred Marshall
Irving Fisher
Prof. Knight
Bohm Bawerk

The nature of product in monopoly is_____________.

Homogeneous
Unique
Differentiated
Heterogeneous

Degrees of Price Discrimination given by ________ .

A.C. Pigou
J.M. Keynes
Joan Robinson
Edward Chamberlin

Give the example of state monopoly.

railways in India
oldmines
Trademark
None

Residual Claimant Theory is propounded by _________.

Keynes
Walker
Hawley
Knight

The Residual claimant theory was propounded by _______.

J.S. Mill
F.A. Walker
Prof. Knight
Hawley

A country expands its command over other countries for its product

Price discrimination
Dumping
Advertisement
Patent Right

Interest is the reward for ___________.

Land
Labour
Capital
Organisation

The number of producers and, sellers in the monopolistic competition is______________.

Innumerable
Large
Only one
a few

The market situation in which a single producer of a product faces a single buyer of that product is known as_______________.

Bilateral Monopoly
Unique Monopoly
Oligopoly
Duopoly

Monopoly power achieved through patent right is called______________.

Natural monopoly
State monopoly
Legal monopoly
Absolute monopoly

According to the Loanable Funds Theory, supply of loanable funds is equal to _________.

S + BC + DH + DI
I + DS + DH + BM
S + DS + BM + DI
S + BM + DH + DS

The Classical Theory of rent was propounded by _________.

Ricardo
Keynes
Marshall
Walker

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