Bank Promotion Mock test-09 ( Focus on Eco-02)

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11. According to the law of diminishing marginal utility
12. An Indifference Curve can be described as
13. Tick the statement that is correct vis-à-vis the properties of an Indifference curve
14. The Budget Line or the price line can be described as
15. A consumer is said to be in equilibrium when he chooses that combination of commodities which give him maximum satisfaction within the income constraint. Diagramatically this is represented by the point where
16. Read the following statements carefully and answer the question that follows: The Marginal Cost (MC) of a commodity means the additional cost to be incurred for producing an additional unit of the commodity. 1. The Marginal revenue (MR) of a commodity refers to the additional accrual to total revenue due to increase in one unit of the commodity 2. A producer will go on producing till such time that MC=MR 3. MC=MR equality is not enough to ensure equilibrium. The MC curve must cut the MR from below Tick the correct answer from the following options
17. Read the following questions carefully and answer the question that follow (1) The Gross Domestic Product (GDP) is the measure of the total flow of final goods and services produced within the domestic territory of a country over a particular time period , normally a year. (2) The Gross National Product (GNP) is the income /output produced by the residents of the country whether located within or outside its territory and is derived by adjusting net-factor income from abroad (3) The Net Domestic Product (NDP) is arrived at by adjusting depreciation to GDP and Net National Product (NNP) is arrived at by adjusting depreciation to GNP. Please indicate which of the following statements is true
18. Please indicate which of the following statements are correct:
19. Demand Pull inflation occurs when
20. Cost Push inflation is said to occur when

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