601. In the Ricardian theory of value, the stress has been made on:
A) Marginal cost
B) Labour cost
C) Production cost
D) Collection cost
602. The factors of production in economics are:
A) Two
B) Six
C) Three
D) Four
603. Labour theory was firstly rejected by:
A) Karl Marx
B) Ricardo
C) Adam Smith
D) Samuelson
604. Prices are determined by the forces of:
A) Demand and consumption
B) Supply and consumption
C) Demand and supply
D) None of the above
605. In a monopoly there:
A) Is one producer
B) Is one consumer
C) Are few producers
D) Are two producers
606. Isoquant represents:
A) More output
B) Equal to output
C) Less output
D) Unequal output
607. Economics theory deals with:
A) Microeconomics
B) Macroeconomics
C) Both of the above
D) None of the above
608. The value of the exogenous variable is determined by:
A) Internal forces
B) Inferior forces
C) Superior forces
D) External forces
609. The free market involves:
A) The free provision of products
B) The subsidizing of products by the government
C) The forces of supply and demand in the market
D) All trade via barter
610. A mixed economy:
A) Has supply but not demand
B) Has demand but not supply
C) Has supply and demand
D) Has market forces and government intervention
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