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Identify the correct statement(s) about normative economics.

What will be the consumer’s demand for a good, if the price of a good falls?

Why can a firm not earn abnormal profits under perfect competition in the long-run? Explain.

Q77 With reference to the “North East Special Infrastructure Development Scheme”, consider the following statements.

1. It is central sector scheme.

2. It includes the development of the infrastructure of social sector primarily.

Select the correct answer using the codes given:

A firm sells 1000 units of the product at a price of Rs 10 per unit. Its elasticity of supply is 3. How many units will the firm be able to sell if the price falls to Rs 7.5 per unit?

What is the opposite of positive economics?

Which of these states have good agricultural infrastructure?

What is patent life?

The profit of a firm is given by ___

The demand curve for a monopoly firm is _______.

Explain market equilibrium.

Which of the following statements is correct?

Calculate closing stock from the following details opening stock Rs. 20,000; cash sales Rs. 60,000; credit sales Rs. 40,000; purchases Rs. 70,000. Rate of gross profit on cost $33\frac{1}{3}\%$.

What do you understand by multiple shops and what are its features?

The slopes of isothermal and adiabatic curves are related as

Explain the phases of changes in total product in law of variable proportions. Also explain the reason behind each phase. Use diagram.

A consumer consumes only two goods. If the price of one of the goods falls, what happens to the indifference curve?

a. Shifts upwards

b. Shifts downwards

c. Can shift both upwards or downwards

d. Does not shift

Which of the following is not a fiscal instrument for mobilising resources?

It cannot be concluded that many old day economists who dealt with real world data ended up:

Suppose a consumer's preferences are monotonic. What can you say about her preference ranking over the bundles (10, 10), (10, 9) and (9, 9)?

Which of the following is a statement of normative nature in economics?

a) Economics is study of choices/alternatives.

b) Government should be concerned with how to reduce unemployment

c) According to an estimate, in spite of severe shortage, more than 10% of houses in Indian cities are lying vacant.

d) Accommodation of Refugees is posing a big problem for the Europe

When some resources are shifted from Use-1 to Use-2 (given technology), the marginal rate of transformation:

Why is Average Cost Curve U-shaped?

Explain ‘black marketing’ as a direct consequence of price ceiling.

OR

Explain the concept of ‘buffer stock’ as a tool of price floor.

The main sources of monopoly power are ___________.

Given the price of a good, how will a consumer decide as to how much quantity of that good to buy? Use utility analysis.

We are aiming _______ a 50% share _______ the German market.

Q19) The government is looking at extending a so-called Swiss challenge to private developers to develop expressways and railways. Consider the following statements:

1) The Swiss Challenge System is a bidding process where private investors can conceptualize and offer a project to the government for evaluation

2) In this system, when an original bid is received for a project, the government can publish the bid and also invite third parties to match or exceed or improve the existing bid.

3) The original proponent has no right of refusal and counter-match any superior offers given by the third party.

Which of the above statements is/are correct?

In 2010, Russia was affected by a significant draught. Russia is a major producer and exporter of several agricultural commodities. As a result of the draught, Russia reduced some of its agricultural exports. In the context of the world supply/demand model for the affected agricultural commodities, we should observe:

Which economic activity involves no risk?

Concavity of PPC implies:

Output of Good-X decreases by 400 units and output of Good-Y increases by 400 units, and some resources are shifted from the production of X to the production of Y, the marginal opportunity cost is

Explain the relationship between Marginal Revenue (MR) and Total Revenue (TR).

Explain any three features of SSIs.

Standard of living of a country can be raised if it increases:

Which of the following led to the destruction of the Indian markets?

What were the major changes happening in Europe during the years 1500-1800?

The work function of a metal is 4.2 $eV$. If a radiation of $2000\stackrel{o}{A}$ falls on the metal, then the kinetic energy of the fastest photoelectron is:

In the given figure below, as per law of cosine which is the correct formula for a²

In which of the following cases is the social surplus minimum?

The market of a commodity is in equilibrium. Demand for the commodity increases. Explain the chain of effects of this change till the market reaches equilibrium once again.

A new period of neo-liberal economy began in United Kingdom with the election of Margaret Thatcher after five years of Labour government. Margaret Thatcher came to power in

There are three identical firms in a market. The following table shows the supply schedule of firm 1. Compute the market supply schedule.

$\begin{array}{cccccccccc}\text{Price(Rs.)}& 0& 1& 2& 3& 4& 5& 6& 7& 8\\ S{S}_1\text{(Units)}& 0& 0& 2& 4& 6& 8& 10& 12& 14\end{array}$

Why does the difference between Average Total Cost and Average Variable Cost decrease as the output is increased? Can these two be equal at some level of output? Explain.

Which act has been enacted in place of the MRTP Act?

The MR curve of a monopoly firm is given by the equation of MR= 20 -4q. At what level of output is the elasticity of demand equal to 1?

With respect to the price per vehicle, what inference can be made about the price between 1998-99 to 1999-2000. It has:

The TR curve of a firm intersects the TC curve at 150 units of output and 400 units of output. Which of the following levels of output would be the most preferable for the firm?

What is a tool that the government uses to help farmers be able to afford fertilisers?