AP (Advanced Placement) Macroeconomics: Questions 598 - 603 of 750

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Question 598

Question

MCQ▾

The cost incurred by the firm in hiring labour is called as

Choices

Choice (5)Response

a.

Implicit cost

b.

Explicit cost

c.

Marginal cost

d.

Total cost

e.

None of the above

Question 599

Question

MCQ▾

Who amoung the following said “inflation is everywhere and always a monetary phenomenon” ?

Choices

Choice (5)Response

a.

Jemes Tobin

b.

Anna J. Schwartz

c.

Milton Friedman

d.

J M. Keynes

e.

Question does not provide sufficient data or is vague

Question 600

Question

MCQ▾

Demand for food stuff is income inelastic, this is explained by

Choices

Choice (5)Response

a.

Engel՚s law

b.

Geffen paradox

c.

Gossen՚s law

d.

Ricardo law

e.

None of the above

Question 601

Question

MCQ▾

The idea of indicative planning was first adopted in which Five year plan of India?

Choices

Choice (5)Response

a.

Second plan

b.

Fifth plan

c.

Seventh plan

d.

Eighth plan

e.

All of the above

Question 602

Question

MCQ▾

Who explained importance of time element in price determination, for the first time?

Choices

Choice (5)Response

a.

Marshall

b.

Mrs. Joan Robinson

c.

Srigler

d.

Chambarlin

e.

None of the above

Question 603

Question

MCQ▾

Even as fixed average cost countries to fall the average variable cost begins to rise because

Choices

Choice (5)Response

a.

Returns to factors start diminishing

b.

Input prices start rising

c.

Producer budget starts shrinking.

d.

Returns to factors start rising

e.

All of the above

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