Indian Economy Questions and Answers for Competitive Exams - 2

Question: 6

The short run production function is called

(A) The law of variable proportions

(B) The law of return to sale

(C) Iso- quants

(D) All the above

Question: 7

According to _____ one of the important functions of entrepreneur is uncertainly bearing.

(A) Alfred Marshall

(B) Knight

(C) Hawley

(D) Schumpeter

Question: 8

The concept of consumer’s surplus was first mentioned by J.A. Dupuit in the year _____

(A) 1776

(B) 1844

(C) 1894

(D) 1924

Question: 9

Innovation theory of profits was given by _____

(A) Knight

(B) Clark

(C) Schumpeter

(D) Taussig

Question: 10

In _____ period, change in supply in response to change in demand is extremely limited.

(A) Very long period

(B) Long period

(C) Short period

(D) Market period