A most refined form of the concept of consumer's surplus was given by

(a)

Alfred Marshall

(b)

Samuelson

(c)

Ricardo

(d)

Adamsmith

The long-run production function is explained by

(a)

Law of Demand

(b)

Law of Supply

(c)

Returns to Scale

(d)

Law of Variable Proportions

__________ represent Human capital.

(a)

Money

(b)

Efficiency

(c)

Hard work

(d)

All the above

Land is _________ in supply.

(a)

Fixed

(b)

Decreased

(c)

Increased

(d)

Equal

TC = _____.

(a)

TFC + TVC

(b)

TFC - TVC

(c)

TFC x TVC

(d)

TFC / TVC

The prevalence of ________ price is also due to the absence of the transport cost.

(a)

more

(b)

less

(c)

uniform

(d)

none

In an underdeveloped economy, there is_______________.

(a)

Agriculture as the main occupation

(b)

High degree of inequality of incomes

(c)

No income at all

(d)

Nothing can be said

The main objective of nationalisation of banks was ___________

(a)

Private social welfare

(b)

Social welfare

(c)

To earn

(d)

Industries monopoly

The Chelliah Committee's report had suggested drastic reduction in______.

(a)

import duties

(b)

export duties

(c)

both (a) and (b)

(d)

none of the above

Suppose determinant of a matrix Δ = 0, then the solution

(a)

Exists

(b)

Does not exist

(c)

is infinity

(d)

is zero