1. Which multiplier theory states that the economy will flourish the more the government spends?
2. Marginal cost of production refers to the change in total cost to produce ______ additional unit(s).
3. The sum of average variable cost and average fixed cost is known as –––––––.
4. ______ is defined as the output per unit of variable input.
5. Consumers lose satisfaction in a product the more they consume it, this is known as _____ .
6. The curve that shows the levels of output that a profit maximising firm would choose to produce at different values of the market price is called the firm's ________.
7. The point on the supply curve at which a firm earns only normal profit is called the ..............
8. As stated by the law of variable proportions, as additional units of a variable factor are combined with a given level of fixed factors and technology, the marginal product of the variable factor _____.
9. The inputs used in the production of goods or services to make an economic profit are known as ………. .
10. A cost incurred in the past and that cannot be recovered in the future is called ______
11. Which of the following expenses is a part of 'fixed cost' in production of surgical garments?
12. What will be the value of MPC (Marginal Propensity to Consume) if the consumer's consumption patterns change due to a change in income ?
13. Which of the following law states that "as more and more units of a variable factor are employed with fixed factors and technology, its marginal product eventually declines."
14. What is the usual shape for an average fixed cost curve?
15. Which of the following is the correct full form of GDFCF?
16. The slope of an indifference curve is measured by:
17. Identify the correct definition of Long Run Marginal Cost (LRMC) from the following.
18. Which of the following is NOT an example of variable costs?
19. The relationship between variable input and output, keeping all other inputs constant is called ________.
20. Which of the following statements with respect to the law of variable proportions is true?
21. Which law states that "if we keep increasing the employment of an input, with other inputs fixed, eventually a point will be reached after which the resulting addition to output will start falling"?
22. A curve that joins all points representing bundles which are considered indifferent by the consumer is called a/an –––––––
23. ________ means the additional satisfaction or benefit (utility) that a consumer derives from buying an additional unit of a commodity or service.
24. An indifference map is a collection of indifference curves that represent different levels of ..............
25. The development Fund for MFI's is managed by the _____.
26. Consumer theory is how people decide to spend their __________.
27. Which of the following does not qualify as a source of factor income ?
28. Generally, the value of MPC (Marginal Propensity to Consume) _____.
29. What do you call profits earned by a business firm over and above the opportunity cost of the factor inputs?
30. As long as MP (marginal product) remains higher than the average product (AP), the average product ............
31. A production cycle in which at least one production factor is fixed is known as:
32. In relation to consumer behavior, two indifference curves –––––.
33. In macroeconomic analysis, a consumption function describes the relation between total consumptions and ...................
34. Which of the following is NOT one of the determinant of demand ?
36. In macroeconomic analysis, marginal propensity to save (MPS) is –––––––.
37. In macroeconomic analysis, the ratio of the total increment in equilibrium value of final goods output to the initial increment in autonomous expenditure is called the –––––– of the economy.
38. The actual or realised value of a variable as opposed to its planned value is called___.
39. The measure of responsiveness of the demand for Tea towards the change in the price of Coffee in the market is an example of______ .
40. If Average Production is decreasing, then what will be the effect on Marginal Production?
41. Which economist has written the book "The General Theory of Employment, Interest and Money (1936)"?
42. The production function of a firm is a relationship between:
43. The cost that a firm incurs to employ fixed inputs is called :
44. In Economics, which of the following curves is 'inverse U-shaped'?
45. Which of the following is a characteristic of public goods?
46. _____ is the price where the quantity the consumer purchases is equal to the quantity the producers supply.
47. _____ in economics is a curve that when plotted on a graph shows all the combinations of two factors that produce a given output.
48. Which of the following is NOT a variable cost for a firm?
49. A ………. is the collection of all bundles that the consumer can buy with his/her income at the prevailing market prices.
50. Which of the following statements is NOT true ?
