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Explore SS Economics KP PSC : dated 06-06-2022 : Subject Specialist in Economics paper by KPPSC. Part - 02 with 3,279 views, 108 likes, and 35 comments. Experience the impact of this video content that has captured audience attention.

01. In a circular flow model, the real variables are: 02. Income and revenues that are created within a country 03. The three fundamental questions of economic organization are: 04. The ultimate effect of the “invisible hand” of Adam Smith is that, in a competitive economy, everyone: 05. In a free-market economy the allocation of resources is determined by: 06. The growth of an economy is indicated by an 07. …….equals revenue minus all explicit costs 08. Unemployment means that 09. Opportunity cost is 10. The circular flow of goods and incomes shows the relationship between: 11. The branch of economics wherein mathematics and statistics are used to measure and analyze economics activities is called 12. Economic profit is 13. The father of New Economics is 14. The problem refers to the possibility that owners and their managers may have different objectives. 15. Economic profit refers to…..minus all relevant costs , both explicit and implicit. 16. The total demand for goods and services in an economy is known as: 17. An input should be so allocated that the value added by the last unit is the same in all cases. 18. Macroeconomics deals with: 19. It refers to the determination of prices of all goods and services by the interaction of the forces of demand and supply without any external interference. 20. Microeconomics is not concerned with the behavior of: 21. It is the study of economic actions of individuals and small groups of individuals: 22. Time series data may exhibit which of the following behaviors? 23. Which of the following is not present in a time series? a. seasonality b. operational variations c. trend d. cycles 24. In cross elasticity of demand, for unrelated goods the demand curve will be——- A. Horizontal straight line B. rectangular hyperbola C. vertical line D. none of the above 25. Supply is a function of —– A. a straight line B. a parabola C. a hyperbola D. convex to the origin 26. The supply of a product does not depend on ——- A. labour costs B. the number of sellers in the market C. consumers tastes D. existing technology 27. Reasons for increasing return in stage I of law of variable proportion is ——– A. Indivisibility B. Specialisation C. both a and b D. none of the above 28. Which of the following are not related to factors of production(FOP) A. land B. capital C. raw material D. labour 29. Which factor of production is considered as fixed input A. labour B. technology C. capital D. land 30. ——- is the remuneration for organisation A. rent B. wages C. interest D. profit 31. ——- input factor is divided as skilled, semiskilled, unskilled A. land B. capital C. Technology D. labour 32. In the Law of variable proportion when TP is maximum then the MP = —– 33. Cobb Douglas production function mainly studies ——— A. capital and labour B. labour and expenditure C. land and labour D. land and capital 34. Marginal cost is defined as A. change in total cost due to change in output B. total cost divided by output C. change in output due to a change in an input D. total product divided by the quantity of input 35. The costs that depend on output in the short run are ——- A. total variable costs only B. both total variable costs and total costs C. total costs only D. total fixed cost only 36. Inthe short run as economists use the phrase is characterised by ——- A. all inputs being variable B. a period where the law of diminishing return does no hold C. at least one fixed factor of production and firms neither leaving nor entering the industry D. no variable inputs 37. When the total product curve is falling, ———- A. marginal product curve is zero B. marginal product curve is negative C. average product is increasing D. average product is negative 38. Marginal cost curve cuts the average cost curve ————– A. at the left of its lowest point B. at its lowest point C. at the right of its lowest point D. at its highest point 39. In case of oligopoly, the number of firms is A. Larger B. Infinite C. one D. few 40. A distinguishing characteristic of monopolistic competition is —————— A. Large number of firms B. Low entry barriers C. product standardisation D. product differentiation 41. Imperfect competition was introduced by ————- A. Marshall B. Chamberlin C. Keynes D. None 42. In perfect competition equilibrium is attained when —————— A. AR = AC B. TR=TC C. MR=MC D. Q=P 43. kinked demand curve is associated with —————– A. Cournot B. Chamberlin C. Edgeworth D. Sweezy 44. Cartel is a part of A. monopoly B. Oligopoly C. perfect competition D. Monopolistic competioton 45. The monopolist can fix any price for his product, but cannot determine ———- for his product. A. Revenue B. Cost C. Supply D. Demand

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