Dharmenedra Bansal 1. Which of the following explains the term economic growth? a. Increase in per capita production b. Increase in per capita real income c. structural change in the economy d. all the above are right✔ 2. Economic development is characterized by a. Structural change in the economy b. Change in the occupational structure c. Both a and b✔ d. None of the above 3. Which of the following explains the term economic development? a. Improvement in the technology involved b. Improvement in production c. Improvement in distribution system d. All the above✔ 4. An underdeveloped economy is characterized by a. High per capita real income b. Large proportion of labor force in the tertiary sector c. State of deprivation of large proportion of population✔ d. All the above State of deprivation of large proportion of population Underdevelo...
1. Marginal rate of transformation between two goods X and Y is defined Answer: (1) 2. Consider the following statements regarding the expansion path of a firm : I. It shows least cost combination for producing different level of outputs. II. The input prices remain constant. Of the above which statement is/are true ? Answer from the codes given below : Codes : (1) Both I and II are true. (2) Only I is true. (3) Only II is true. (4) Neither I nor II is true. Answer: (1) 3. The First Fundamental Theorem of Welfare Economics requires (1) producers and consumers to be price takers (2) that the economy operate at some point on the utility possibility curve (3) that there be an efficient market for every commodity (4) All of the above Answer: (4) 4. Which among the following allocation/distribution corresponds to Rawlsian concept of equity ? (1) All members of the society receive equal amount of goods. (2) Maximise the ut...
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