Question 1

Consumption of capital good in the process of production is called as:

Accepted Answer

A) capital consumption 
B) depreciation 
C) decay of capital 
D) none of the above 
A) capital consumption 
B) depreciation 
C) decay of capital 
D) none of the above B

Question 2

Laws of return shows ---------production function.

Accepted Answer

A) short-term 
B) medium term 
C) long term 
D) annual 
A) short-term 
B) medium term 
C) long term 
D) annual A

Question 3

In classical theory the level of employment is a function of:

Accepted Answer

A) price level 
B) money wage rate 
C) quantity of money 
D) real wage rate 
A) price level 
B) money wage rate 
C) quantity of money 
D) real wage rate D

Question 4

Supply curve represents -------- relationship between quantity and price.

Accepted Answer

A) direct 
B) inverse 
C) either direct or inverse 
D) none of the above 
A) direct 
B) inverse 
C) either direct or inverse 
D) none of the above

Question 5

The want satisfying power of a commodity:

Accepted Answer

A) satisfaction 
B) utility 
C) value 
D) marginal utility 
A) satisfaction 
B) utility 
C) value 
D) marginal utility

Question 6

Economic Laws are:

Accepted Answer

A) statement of tendencies 
B) exact and predictable 
C) definite 
D) none 
A) statement of tendencies 
B) exact and predictable 
C) definite 
D) none

Consumption of capital good in the process of production is called as:

Laws of return shows ---------production function.

In classical theory the level of employment is a function of:

Supply curve represents -------- relationship between quantity and price.

The want satisfying power of a commodity:

Economic Laws are:

Economic Concepts and Terminologies

Production and Demand Theories

Demand and Elasticity

Economics and National Income Estimation

GDP, National Income, and Classical Economics

Economic Theory and Concepts

Economics and Keynesian Theory

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Exam 8: Understanding Economic Concepts and Theories

Consumption of capital good in the process of production is called as:

Laws of return shows ---------production function.

In classical theory the level of employment is a function of:

Supply curve represents -------- relationship between quantity and price.

The want satisfying power of a commodity:

Economic Laws are:

Economic Concepts and Terminologies

Production and Demand Theories

Demand and Elasticity

Economics and National Income Estimation

GDP, National Income, and Classical Economics

Economic Theory and Concepts

Economics and Keynesian Theory

Filters