Professional Documents
Culture Documents
1 Laffer curve explain the relationship b/w tax rate and tax revenue.
(b) the manner in which banks create credit// जजस तरीके से बैंक क्रेजिट बनाते हैं
(c) income of an economy grows on account of an initial investment /एक प्रारूं जभक जनवेश के
कारण अर्थव्यवस्र्ा की आय बढ़ती है
(d) the manner in which government expenditure increases/ जजस तरह से सरकारी व्यय बढ़ता
है
Show Answer
Ans.(c)
Sol. In economics, a multiplier is a factor of proportionality that measures how much an
endogenous variable change in response to a change in some exogenous variable.
Q7. Which of the following concepts are most closely associated with J. M.
Keynes?
ननम्ननिद्धित में से कौन स अविारणाएीं जे.एम. केनेस के सबसे ननकट हैं ?
(a) Control of money supply/ मुद्रा आपजतथ का जनयूंत्रण
(b) Marginal utility theory /सीमाूं त उपयोजगता जसिाूंत
(c) Indifference curve analysis/ उदासीनता वक्र जवश्लेषण
(d) Marginal efficiency of capital /पूंजी की सीमाूं त दक्षता
Show Answer
Ans.(d)
Sol. The marginal efficiency off capital (MEC) is that rate of discount which would equate
the price of a fixed capital asset with its present discounted value of expected income.
The term “marginal efficiency of capital” was introduced by John Maynard Keynes in his
General Theory.
Q10. Investment and savings are kept equal through a change in the level of
ननवेश और बचत को नकसके स्तर में बदिाव के माध्यम से बराबर रिा जाता है ?
(a) Consumption/ खपत
(b) Investment/ जनवेश
(c) Government expenditure/ सरकारी व्यय
(d) Income/ आय
Show Answer
Ans.(a)
Sol. Desired savings are kept equal to desired investment by responses to interest rate
changes. Savings identity or the savings investment identity is a concept in National
Income Accounting stating that the amount saved (S) in an economy will be amount
invested (I).
Q11. The sum total of incomes received for the services of labour, land or capital
in a country is called:
नकस दे श में श्रम, भूनम या पूींज क सेवाओीं के निए प्राप्त आय क कुि रानश को कहा जाता है :
(a) Gross domestic product/ सकल घरे ल उत्पाद
(b) National income/ राष्ट्रीय आय
(c) Gross domestic income/ सकल घरे ल आय
(d) Gross national income/ सकल राष्ट्रीय आय
Show Answer
Ans.(b)
Sol. The income method of calculating national income takes into account the income
generated from the basic factors of production. These include the land, labor, capital,
and organization
Q12. While determining income the expenditure on which of the following items is
not considered as investment?
आय का ननिाथरण करते समय ननम्ननिद्धित मदोीं में से नकसमे व्यय को ननवेश के रूप में नह ीं माना
जाता है ?
(a) Construction of factory/ कारखाने का जनमाथ ण
(b) Computer/ कूंप्यटर
(c) Increase in the stock of unsold articles/ न जबकी वस्तुओूं के स्टॉक में वृद्धि
(d) Stock and share in joint stock company /सूंयुि स्टॉक कूंपनी में स्टॉक और शेयर
Show Answer
Ans.(c)
Sol. Increase in the stock of unsold articles is not an investment. An investment is the
purchase of goods that are not consumed today but are used in the future to create
wealth.
Q2. The system of issuing and monitoring of money in the market is known as–
बाजार में िन जार करने और ननगरान करने क व्यवस्र्ा को नकस रूप में जाना जाता है?
(a) Proportional reserve ratio(आनुपाजतक ररजवथ अनुपात)
(b) Fixed reserve ratio(द्धस्र्र आरजक्षत अनुपात)
(c) Minimum reserve ratio(न्यनतम आरजक्षत अनुपात)
(d) Floating reserve ratio(फ्लोजटूं ग आरजक्षत अनुपात)
S2. Ans.(c)
Sol. The relationship between note issue and its reserve backing is usually done on the
basis of a reserve system by central banks across the world. The reserve system
provides guidelines for the issue of new currencies.
Q3. Which among the following Indian State does not transacts its business
through Reserve Bank of India?
ननम्ननिद्धित भारत य राज्ोीं में से कौन सा भारत य ररज़वथ बैंक के माध्यम से अपना व्यवसाय नह ीं
चिाता है ?
(a) Tripura(जत्रपुरा)
(b) Jammu and Kashmir(जम्म और कश्मीर)
(c) Arunachal Pradesh(अरुणाचल प्रदे श)
(d) Mizoram(जमजोरम)
S3. Ans.(b)
Sol. State Government transactions are carried out by RBI in terms of the agreement
entered into with the State Governments in terms of section 21A of the Act. As of now,
such agreements exist between RBI and all the State Governments except with the
Governments of Jammu and Kashmir and Sikkim.
Q4. Which among the following subjects is not an aim of the monetary policy of
the Reserve Bank of India?
ननम्ननिद्धित नवषयोीं में से कौन सा भारत य ररजवथ बैंक क मौनिक न नत का उद्दे श्य नह ीं है ?
(a) Giving impetus to economic development(आजर्थक जवकास को प्रोत्साहन दे ना)
(b) Direct credit with objective criteria(उद्दे श्य मानदूं ि के सार् प्रत्यक्ष क्रेजिट)
(c) To control pressure of inflation(मुद्रास्फीजत के दबाव को जनयूंजत्रत करना)
(d) To ensure social justice(सामाजजक न्याय सुजनजित करना)
S4. Ans.(d)
Sol. The primary objective of monetary policy is to maintain price stability while keeping
in mind the objective of growth. Price stability is a necessary precondition to sustainable
growth.
Q5. The Government of India made it obligatory on the part of all commercial
banks that they should give some cash amount while purchasing Government
bonds. What would you call this?
भारत सरकार ने सभ वानणद्धज्क बैंकोीं के निए अननवायथ कर नदया है नक उन्हें सरकार बॉन्ड
िर दने के दौरान कुछ नकद रानश दे न होग . आप इसे क्या कहेंगे?
(a) Statutory Liquidity Ratio(वैिाजनक तरलता अनुपात)
(b) Cash Reserve Ratio(नकद आरजक्षत अनुपात)
(c) Minimum Reserve Ratio(न्यनतम आरजक्षत अनुपात)
(d) Floating Reserve Ratio(फ्लोजटूं ग ररजवथ अनुपात)
S5. Ans.(a)
Sol. Statutory liquidity ratio (SLR) is the Indian government term for the reserve
requirement that the commercial banks in India are required to maintain in the form of
cash, gold, government approved securities before providing credit to the customers.
Q6. The receipts of which of the following taxes/duties are not shared with the
States?
ननम्ननिद्धित में से नकन करोीं / कतथव्योीं क प्राद्धप्तयाीं राज्ोीं के सार् साझा नह ीं क जात हैं ?
(a) Tax on income except agriculture(कृजष को छोड़कर आय पर कर)
(b) Corporation tax(जनगम कर)
(c) Surcharge on income tax(आयकर पर सरचाजथ)
(d) Capital gain tax(पूंजी लाभ कर)
S6. Ans.(c)
Q7. The national income of a country is–
दे श क राष्ट्र य आय है-
(a) Government annual revenue(सरकारी वाजषथक राजस्व)
(b) Total productive income(कुल उत्पादक आय)
(c) Surplus of the public sector enterprise(सावथजजनक क्षेत्र के उद्यम का अजिशेष)
(d) Export—(Loan) Import(जनयाथ त- (ऋण) आयात)
S7. Ans.(b)
Q8. Under the minimum reserve system, the Reserve Bank of India as the sole
authority of note issue is required to maintain assets worth not less than
न्यू नतम आरनित प्रणाि के तहत, भारत य ररज़वथ बैंक नोट मुिण के निए भारत क एकमात्र
सीं स्र्ा है, को _____________ सींपनत्त बनाये रिना होता है.
(a) 115 crores of rupees
(b) 85 crores of rupees
(c) 200 crores of rupees
(d) 210 crores of rupees
S8. Ans.(c)
Sol. Under the Minimum Reserve System, the RBI has to keep a minimum reserve of Rs
200 crore comprising of gold coin and gold bullion and foreign currencies. Out of the
total Rs 200 crores, Rs115 crore should be in the form of gold coins or gold bullion.
Q9. Which amidst the following taxes collected by the Union is NOT mandated to
be assigned to the States?
सीं घ द्वारा एकत्र नकए गए ननम्न करोीं के ब च राज्ोीं को सौींपा जाना अननवायथ नह ीं है ?
(a) Terminal taxes on goods or passengers carried by railway, sea or air(रे लवे, समुद्र या
वायु द्वारा जकए गए माल या याजत्रयोूं पर टजमथनल कर.)
(b) Taxes on railway fares and freights(रे लवे के जकराए और माल पर टै क्स.)
(c) Taxes on consignment of goods(वस्तु के प्रेषण पर कर.)
(d) Service Tax(सेवा कर)
S9. Ans.(d)
Q10. One of the objectives of Industrial Licensing Policy in India was to ensure:
भारत में औद्योनगक िाइसेंनसींग न नत का उद्दे श्य ___________ सुनननित करना र्ा:
(a) creation of adequate employment opportunities(पयाथ प्त रोजगार के अवसरोूं का सृजन.)
(b) free flow of foreign capital in Indian industries(भारतीय उद्योगोूं में जवदे शी पूंजी का मुफ्त
प्रवाह.)
(c) use of modern technology(आिुजनक प्रौद्योजगकी का उपयोग.)
(d) balanced industrial development across regions(क्षेत्रोूं का सूंतुजलत औद्योजगक जवकास.)
S10. Ans.(d)
Q11. Currency notes of Rs. 2 denomination and above are liabilities of:
2 रुपये और उस से उपर के मूल्यवगथ के नोटोीं क मुिा क दे यता है :
(a) Government of India(भारत सरकार)
(b) Reserve Bank of India(भारतीय ररजवथ बैंक)
(c) State Bank of India(भारतीय स्टे ट बैंक)
(d) All of the above(उपरोि सभी)
S11. Ans.(b)
Q14. A firm sells new shares worth Rs. 1000 directly to individuals. This trans–
action will cause.
एक फमथ नए शेयर व्यद्धक्तगत रूप से स िे 1000 रुपये में बेचता है . यह टर ाींस-एक्शन होगा क्योींनक.
(a) Gross National product to rise by Rs. 1000(सकल राष्ट्रीय उत्पाद 1000 रु की वृद्धि हुई है )
(b) Gross Domestic Product to rise by Rs. 1000(सकल घरे ल उत्पाद 1000 रु की वृद्धि हुई है )
(c) National Income to rise by Rs. 1000(राष्ट्रीय आय में 1000 रु की वृद्धि हुई है )
(d) No impact on Gross National Product(सकल राष्ट्रीय उत्पाद पर कोई प्रभाव नहीूं होगा)
S14. Ans.(d)
Q15. What is the revised upper limit for foreign direct investment in telecom
service companies?
दू रसीं चार सेवा कींपननयोीं में नवदे श प्रत्यि ननवेश क सींशोनित ऊपर स मा क्या है ?
(a) 49 percent
(b) 51 percent
(c) 66 percent
(d) 100 percent
S15. Ans.(d)
S1.Ans.(b)
Sol.National Rural Health Mission was launched in 2005.
Q2.The Economic Advisory Council has been established in India as per ____?
(a)Constitution of India
(b) An act of parliament
(c) An ordinance promulgated by President
(d) None of the above
S2.Ans.(d)
Sol.Economic Advisory Council to the Prime Minister (PMEAC) is a non-constitutional,
non-permanent and independent body constituted to give economic advice to the
Government of India, specifically the Prime Minister.
S3.Ans.(b)
Sol.Base Rate is the minimum lending rate that banks can charge their customers from
July 1, 2010. Prior to this all lending rates were pegged to a Bank’s Prime Lending Rate
or PLR. It is not directly controlled by RBI.
S15.Ans.(d)
Sol.The main feature of a capitalist economy is private ownership of factors of
production. Private owners hold the resources and take decisions to maximise their
profits.
Q5. At end of October 2016, the number of ‘Maharatna’ public sector enterprises
stands at—
अक्टू बर 2016 के अींत में , 'महारत्न' सावथजननक िेत्र के उद्यमोीं क सींख्या र् -
(a) 4
(b) 5
(c) 6
(d) 7
Ans.(d)
Q7. What is the maximum age of a girl eligible for opening account in Sukanya
Samriddhi Yojana?
सु कन्या समृ द्धि योजना में िाता िोिे जाने के निए िडक क योग्य अनिकतम आयु क्या है ?
(a) 7 years (7 साल)
(b) 8 years (8 साल)
(c) 9 years (9 साल)
(d) 10 years (10 साल)
Ans.(d)
Q9. As per Census 2011, Kerala holds the maximum sex-ratio among states which
stands at—
2011 क जनगणना के अनुसार, केरि में निींग अनुपात राज्ोीं में अनिकतम है जो है -
(a) 1046
(b) 1084
(c) 1092
(d) 1103
Ans.(b)
Q10. The term ‘carried interest’ is most often used in the context of—
शब्द 'कैरीड इीं टरे स्ट' प्रायः नकस सींदभथ में इस्तेमाि नकया जाता है ?
(a) Mutual Funds
(b) Small Savings Scheme
(c) Fixed Deposits
(d) Private Equity Fund
Ans.(d)
Q13. What is the base year in India for Consumer Price Index?
उपभोक्ता मूल्य सूचकाींक के निए भारत में आिार वषथ क्या है?
(a) 1999-2000
(b) 2004-05
(c) 2011-12
(d) 2013-14
Ans.(c)
Q1. Union Cabinet has proposed to provide ‘Housing for All’ by the year–
➤केंि य मीं नत्रमींडि ने कौन से साि से 'सभ के निए आवास' प्रदान करने का प्रस्ताव रिा है .
(a) 2019
(b) 2022
(c) 2025
(d) 2030
Q3. ‘New silk route’ is a rail route which links China with the European Country–
➤'नया द्धिक रूट' एक रे ि मागथ है जो यूरोप य दे श के सार् जोडता है -
(a) France (फ्ाूं स)
(b) Italy (इटली)
(c) Germany (जमथनी)
(d) None of the above (उपरोि में से कोई भी नहीूं)
Q11. Shyama Prasad Mukherjee ‘RURBAN’ Mission was officially launched in the
state of –
➤श्यामा प्रसाद मुिजी 'रुबथन' नमशन आनिकाररक तौर पर ____राज् में शुरू नकया गया र्ा.
(a) Chhattisgarh (छत्तीसगढ़)
(b) Madhya Pradesh (मध्य प्रदे श)
(c) Gujarat (गुजरात)
(d) Uttar Pradesh (उत्तर प्रदे श)
Q12. Which of the following is not a tool of Monetary and Credit policy?
➤ननम्ननिद्धित में से कौन मौनिक और िनडट न नत का एक सािन नह ीं है?
(a) Repo rate and Reverse repo rate (रे पो रे ट और ररवसथ रे पो रे ट)
(b) Cash Reserve Ratio (नकद आरजक्षत अनुपात)
(c) Base Rate (आिार दर)
(d) Marginal Standing Facility (सीमाूं त स्र्ायी सुजविा)
Q2. If the RBI adopts an expansionist open market operations policy, this means
that it will
(a) buy securities from non-government holders
(b) sell securities in the open market
(c) offer commercial banks more credit in the open market
(d) openly announce to the market that it intends to expand credit
Q3. Foreign Direct Investment ceilings in the telecom sector have been raised
from 74 percent to
(a) 80 percent
(b) 83 percent
(c) 90 percent
(d) 100 percent
Q6. Which of the following does not determine the supply of labour?
(a) Size and age-structure of population
(b) Nature of work
(c) Marginal productivity of labour
(d) Work-leisure ratio
Q8. If prices rise, the direct real burden of public debt will
(a) Also increase
(b) Fall
(c) Remain unchanged
(d) Be uncertain
Q9. For revival and restructure of weak banks of the public sector, which
committee was constituted?
(a) Verma Committee
(b) Goiporia Committee
(c) Rekhi Committee
(d) Narsimham Committee
Q4.Open market operations of a Central Bank are sale and purchase of:
(a)Foreign currencies
(b)corporate securities
(c)trade bills
(d)government securities
S4.Ans.(d)
Q6.Which two of the following nationalised banks have been merged as per the
recommendation of the Narasimhan Committee?
(a)New Bank of India and Bank of India
(b)Central Bank of India and Corporation Bank
(c)Parur Bank of India and Bank of India
(d)Punjab National Bank and New Bank of India
S6.Ans.(d)
Q7.The Reserve Bank of India issues notes under the following note issue method
(a)Proportional reserve system
(b)Minimum reserve system.
(c)Maximum fiduciary system
(d)Fixed fiduciary system
S7.Ans.(b)
Q11.Among Indian Economics who had done pioneering work on National Income
?
(a)P.N. Dhar
(b)Jagdish Bhagwati
(c)V. K. R. V. Rao
(d)Prof. Shenoi
S11.Ans.(c)
Q13.The place where bankers meet and settle their mutual claims and accounts is
known as
(a)Treasury
(b)Clearing House
(c)Collection Centre
(d)Dumping Ground
S13.Ans.(b)
Q2.Who coined the term Hindu Rate of growth’ for Indian economy ?
(a) A.K.Sen
(b)Kirit s. parikh
(c) Raj Krishna
(d) None of these
S2. Ans.(d)
Q3. Over use of resource is called “Tragedy of Commons”. It was propounded by:
(a) Garett Hardin
(b) Seligman
(c) Adolph Wagner
(d) A.P Lernier
S3. Ans.(c)
Q4. Who was the head of the 10th Finance Commission?
(a) Manmohan Singh
(b) Vasant Sathe
(c) Shiv-Shankar
(d) K.C Pant
S4. Ans.(d)
Q6. Which of the following does not form a part of the foreign exchange reserves
of India?
(a) Gold
(b) SDRs
(c) Foreign currency assets
(d) Foreign currency and securities held by the banks and corporate bodies
S6. Ans.(d)
Q10. The fourteen major banks in India were nationalized in the year
(a) 1967
(b) 1968
(c) 1969
(d) 1971
S10. Ans.(c)
Q14. Which of the schemes of the Government of India makes Indian cities free from
slums?
(a) Indira Awas Yojana
(b) Central Rural Sanitation Programme
(c) Rajiv Awas Yojana
(d) Antyodaya
S14. Ans.(c)
Q15. Which of the following is the Regulator of the credit rating agencies in India?
(a) RBI
(b) SBI
(c) SIDBI
(d) SEBI
S15. Ans.(d)
Q9. Removal of poverty was the foremost objective of which of the following Five-
Year Plan?
(a) Second
(b) Third
(c) Fourth
(d) Sixth
Q13. Highest per capita income is inversely correlated with the proportion of
active population engaged in
(a) Agriculture
(b) Service
(c) Industry
(d) All of the above
Q15. Deficit financing means that the Government borrows money from the
(a) RBI
(b) Local bodies
(c) Big businessman
(d) IMF
Q1. National Income estimates in India are prepared by
(a) Planning Commission
(b) Reserve Bank of India
(c) Central statistical organisation
(d) Indian statistical Institute
Q8. Sarva Siksha Abhiyan is aimed at the education of which of the following ?
(a) Engineering and technical education
(b) Education of girls upto graduation level
(c) College education
(d) Education of children between 6 - 14 years
Q1. The famous economist Thomas Robert Malthus, in his views regarding
population, is
(a) optimistic
(b) partly optimistic and partly pessimistic
(c) pessimistic
(d) None of the above
Q3. Who advocated the adoption of ‘PURA’ model to eradicate rural poverty?
(a) MS Swaminathan
(b) Maulana Abul Kalam Azad
(c) Dr APJ Abdul Kalam
(d) AM Khusro
Q6. The Minimum Wages Act was first passed in India in the year.
(a) 1947
(b) 1948
(c) 1950
(d) 1951
Q2. Which of the following will set up core banking infrastructure for rural banks?
(a) SIDBI
(b) IBA
(c) RBI
(d) NABARD
Q6. The Phillip’s curve is the schedule showing the relationship between
(a) Aggregate supply and demand
(b) Total saving and investment
(c) The rate of unemployment and rate of inflation
(d) Demand for and supply of loanable funds
Q7. Economics is a
(a) Computer science
(b) Physical science
(c) Social science
(d) Natural science
Q13. Who defined investment as “the construction of a new capital asset like
machinery or factory building”?
(a) Hansen
(b) JM Keynes
(c) Harrod
(d) JR Hicks
Q4. Deen Dayal Antyodaya Yojana launched on September 25, 2014 is related
to:
(a) Skill development in rural and urban areas
(b) Food security to old age rural people
(c) Poverty alleviation among SC/ST
(d) Women empowerment
Q6. The PURA Scheme which envisages the provision of urban amenities in
rural areas in India was advocated for the first time by
(a) Dr. M.S. Swaminathan
(b) Sri. A.P.J Abdul Kalam
(c) Dr. Arvind Subramanian
(d) Prof. Dinshaw Mistry
Q7. National Income can be calculated in all except one of the following ways:
(a) sum of all expenditures
(b) sum of all outputs
(c) sum of all savings
(d) sum of all incomes
Q8. In the national context which of the following indicates Macro Approach?
(a) Inflation of India
(b) Sales of Bata Shoe Company
(c) Exports of Mangoes to UK by a private firm
(d) Income from Railways
Q15. Small farmers in the country have been defined as those farmers having
land holding of
(a) below one hectare
(b) one to two hectare
(c) two to three hectare
(d) three to four hectare
Q1. The implementation of Jawahar Rojgar Yojana rests with
(a) Gram Panchayats
(b) District Collectors
(c) State Governments
(d) Union Government
Q4. The fish catch by Indian fishermen in the international waters are part of
the GDP of
(a) Sri Lanka
(b) India and Sri Lanka
(c) India
(d) India and Indonesia
Q6. Which one of the following is not an objective of Fiscal Policy in India?
(a) Full Employment
(b) Price Stability
(c) Equitable Distribution of Wealth and Incomes
(d) Regulation of International Trade
Q7. Which one of the following is not a quantitative credit control measure of
Central Bank?
(a) Bank Rate Policy
(b) Open Market Operations
(c) Cash Reserve Ratio
(d) Moral Suasion
Q12. Who advocated the adoption of ‘PURA model to eradicate rural poverty?
(a) M.S. Swaminathan
(b) Maulana Abul Kalam Azad
(c) Dr. A.P.J. Abdul
(d) A.M. Khusro
Q15. In a developing country like India, in which sector a high rate of disguised
unemployment exists?
(a) Corporate Sector
(b) House-hold Sector
(c) Service Sector
(d) Agricultural Sector
Q1. According to the NCAER, export growth is lower and import growth is higher in
1994 to 1995 due to
(a) Higher output of industries
(b) High agricultural output
(c) Exchange rate variation
(d) None of the above
Q6. The term Green Revolution has been used to indicate higher production
through :
(a) creation of grasslands
(b) planting more trees
(c) creation of gardens in urban areas
(d) enhanced agricultural productivity per hectare
Q8. How many times has the Indian currency been demonetized so far?
(a) Once
(b) Twice
(c) Thrice
(d) Never
Q9. Rekhi Committee deals with
(a) Direct Taxes
(b) Indirect Taxes
(c) Banking Sector
(d) Bank Scam
Q10. If all the banks in an economy are nationalized and converted into a
monopoly bank, the total deposits
(a) Will decrease
(b) Will increase
(c) Will neither decrease nor increase
(d) None of the above
Q11. If the cash reserve ratio is lowered by the RBI, its impact on credit creation
will be to
(a) Increase it
(b) Decrease it
(c) No impact
(d) None of the above
Q12. The Green Revolution in India was the outcome of the efforts of who amongst
the following?
(a) M.S. Swaminathan
(b) C. Rangrajan
(c) K.V. Kamath
(d) Rakesh Mohan
Q2. When the products are sold through a centralized body, oligopoly is known
as
(a) Organized oligopoly
(b) Partial oligopoly
(c) Competitive oligopoly
(d) Syndicated oligopoly
Q3. What is the approximate share of SSIs in gross industrial value added in the
Indian economy?
(a) 25%
(b) 30%
(c) 5%
(d) 40%
Q5. Which one of the following is the proposed currency of the Gulf Cooperation
Council (GCC) ?
(a) Khaleeji
(b) Sucre
(c) Minar
(d) None of these
Q6. When the monopolist divides the consumers into separate sub markets and
charges different prices in different sub-markets it is known as
(a) First degree of price discrimination
(b) Second degree of price discrimination
(c) Third degree of price discrimination
(d) None of the above
Q7. Under ____________ the monopolist will fix a price which will take away the
entire consumers’ surplus.
(a) Second degree of price discrimination
(b) First degree of price discrimination
(c) Third degree of price discrimination
(d) None of the above
Q9. The firm and the industry are one and the same in _____________
(a) Perfect competition
(b) Monopolistic competition
(c) Duopoly
(d) Monopoly
Q11. If the average cost is higher than the average revenue then the firm incurs
________
(a) Normal profit
(b) Abnormal profit
(c) Loss
(d) No profit, no loss