Q:

If a perfectly competitive firm can increase its profits by increasing its output, then that firm's product's _____.

A) price exceeds its marginal costs	B) price exceeds its average total costs
C) average variable costs exceed its average total costs	D) fixed costs are zero

Answer & Explanation Answer: A) price exceeds its marginal costs

Explanation:

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Q:

The average variable cost curve is ____ shaped.

A) U	B) V
C) X	D) W

Answer & Explanation Answer: A) U

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Q:

If quantity of good X demanded increases from 4000 units to 5000 units when price of good Y increases from Rs 75 to Rs 90, find Arc Cross elasticity of demand?

A) 0.55	B) 1.66
C) 0.25	D) 1.22

Answer & Explanation Answer: D) 1.22

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Q:

In a cut motion, when the amount of demand is reduced by Rs 100/ , it is known as

A) Disapproval of policy cut	B) Economy cut
C) Vote on Account	D) Token cut

Answer & Explanation Answer: D) Token cut

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Q:

Which law states that bad money drives good money out of circulation?

A) Wagner's law	B) Grimm's law
C) Gresham's law	D) Keynes' law

Answer & Explanation Answer: C) Gresham's law

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Q:

Who is the only Indian economist to have won the Nobel prize?

A) Avinash Dixit	B) Amit Mishra
C) Amartya Sen	D) Abhijit Banerjee

Answer & Explanation Answer: C) Amartya Sen

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Q:

The formed elements in the blood are

A) Erythrocytes	B) Leucocytes
C) Thrombocytes	D) All the above

Answer & Explanation Answer: D) All the above

Explanation:

The formed elements are so named because they are enclosed in a plasma membrane and have a definite structure and shape.

The formed elements in the blood are Erythrocytes (RBC's), Leukocytes (WBC's) and Thrombocytes (Platelets).

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Q:

15% of an alloy was silver. If in a quantity of alloy there was 51 g of silver, what was the quantity of the other elements in the alloy?

A) 204 g	B) 340 g
C) 300 g	D) 289 g

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