1. Money cost is also called ________.
Answer : Nominal cost
2. Economic profit is the difference between total revenue and_________
Answer : Economic cost/ total cost
3. the distinction between the fixed and variable factors is possible only in ________
Answer : Short run
4. Total cost is the sum of _________
Answer : Total fixed cost and total variable cost
5. The marginal cost curve is _________
Answer : 'U' shaped
6. Under perfect competition, the firms are producing ____ product.
Answer : Homogeneous
7. When the Average revenue of the firm is greater than its average cost, the firm is earning______
Answer : Super normal profit
8. The perfect competitive firms are _________
Answer : Price-Takers
9. Monopoly power achieved through patent right is called ___
Answer : Legal monopoly
10. Firms realize the importance of ______ under oligopoly.
Answer : Mutual co-operation
11. Marginal productivity theory is the ______theory of distribution.
Answer : General
12. Marginal productivity theory is based on the assumption of _________competition.
Answer : Perfect
13. Transfer earnings refer to ________ cost.
Answer : Opportunity
14. Money wages are also known as ______ wages.
Answer : Nominal
15. Organization is done by the___________
Answer : Entrepreneur
16. The term consumption function explains the relationship between____ and ________
Answer : Income and Consumption
17. ___ is the ratio of charge in saving to a change in income.
Answer : Marginal Propensity to save
18. The worldwide depression of 1930s was also caused by a ____
Answer : Fall in investment
19. __________ refers to the cash holdings of the people.
Answer : Liquidity Preference
20. The magnified effect of initial investment on income is called______ effect.
Answer : Multiplier
21. The direct exchange of goods for goods is known as ______
Answer : Barter system
22. Deflation is a period marked by __________ prices
Answer : Falling
23. The equation of exchange (MV = PT) was given by
Answer : Prof. Irving Fisher
24. Galloping inflation is also known as ___
Answer : Hyper-inflation or run-away inflation
25. Monetary policy is usually effective in controlling __________.
Answer : Inflation
26. _______ means different sources of government income.
Answer : Public revenue
27. the absence of direct and proportional benefit is ________
Answer : Quid pro - quo
28. ____are considered as fundamental principles of taxation.
Answer : Canons of taxation
29. The classification of direct and indirect taxes is based on criterion of _________ tax.
Answer : Shifting of the incidence
30. _________ tax is a blend of progressive tax and proportional tax.
Answer : Degressive
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