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