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