Deck 13: Economics and Social Science

Question 1

The book 'Principles of Economics' was written by:

A)Keynes
B)Marshall
C)Samuelson
D)Pigou

Answer 1

Marshall

Question 2

Average revenue is :

A)TR - TC
B)TR / No. of units sold
C)TC / TR
D)MC / AR

Answer 2

TR / No. of units sold

Question 3

A hypothesis is a :

A)Statement of facts
B)Statement of observations made by a researcher
C)Statement of expected out of research
D)A proposition the validity of which is to be tested

Answer 3

A proposition the validity of which is to be tested

Question 4

In the classical system, the basic economic problems are solved by:

A)Government
B)Price mechanism
C)Economists
D)Central bank

Question 5

Growth definition of economics was concerned with:

A)Scarcity
B)Welfare
C)Wealth
D)Economic growth

Question 6

A market:

A)Necessarily refers to a meeting place between buyers and sellers
B)Does not necessarily refer to a meeting place between buyers and sellers
C)Extends over the entire nation
D)Extends over a city.

Question 7

The average fixed cost is obtained by :

A)TFC / Q
B)MC / Q
C)TAC / Q
D)AVC / Q

Question 8

Average Revenue curve under monopoly is :

A)Upward slopping
B)Downward slopping
C)Horizontal straight line
D)None of these

Question 9

_______ investigations examine an individual's relationship with and interaction in society

A)Natural science
B)Physical science
C)Life science
D)Social science

Question 10

In the 19th century _________ argued that ideas pass through three rising stages namely, Theological, Philosophical and Scientific.

A)Auguste Comte
B)B. Plato
C)Aristotle
D)Socrates

Question 11

_________ is distinctive for much greater use of mathematics than the other social sciences, a development made possible by the development of a concept of utility

A)Sociology
B)Political science
C)Economics
D)Anthropology

Question 12

The most important founder of German sociology, __________ , was keenly interested in maintaining the relationship between economics and sociology.

A)Max Adler
B)Max Weber
C)Karl Marx
D)Joseph W. Eaton

Question 13

International Social Science Associations were founded under the auspices of___________

A)UNESCO
B)World Bank
C)IMF
D)USA

Question 14

________ social science discipline deals with the integration of different aspects of the Social Sciences, Humanities, and Human Biology

A)Criminology
B)Demography
C)Geography
D)Anthropology

Question 15

Mannheim defines ________as the sum of those methods by which a society tries to influence human behavior to maintain a given order.

A)Social control
B)Constitution
C)Policing
D)Democracy

Question 16

Implicit costs are:

A)Equal to total fixed costs.
B)Comprised entirely of variable costs.
C)"Payments" for self-employed resources.
D)Always greater in the short run than in the long run.

Question 17

Suppose a firm sells its product at a price lower than the opportunity cost of the inputs used to produce it. Which is true?

A)The firm will earn accounting and economic profits.
B)The firm will face accounting and economic losses.
C)The firm will face an accounting loss, but earn economic profits.
D)The firm may earn accounting profits, but will face economic losses.

Question 18

The short run is a time period in which:

A)All resources are fixed.
B)The level of output is fixed.
C)The size of the production plant is variable.
D)Some resources are fixed and others are variable.

Question 19

Variable costs are:

A)Sunk costs.
B)Multiplied by fixed costs.
C)Costs that change with the level of production.
D)Defined as the change in total cost resulting from the production of an

Question 20

If you know that with 8 units of output, average fixed cost is Rs. 12.50 and average variable cost is Rs. 81.25, then total cost at this output level is:

A)Rs. 93.75.
B)Rs. 97.78.
C)Rs. 750.
D)Rs. 880.