The technical relationship between the physical inputs and the physical outputs of a firm is
Utility
Cost
Demand
Production function
Correct answer is D
Production function shows the technical information about the combination of inputs necessary for the production of outputs. In equation we write the production function as q = f (L, K) where L and K represents the inputs of labour and capital respectively.
Which of the following are examples of transfer payment
Gift and donations
Rents and rates
Profit and dividends
Internal and external debts
Correct answer is A
Examples of transfer payments include welfare, financial aid, gifts, social security, and government making subsidies for certain businesses.
A monopolist has the power to influence the prices of goods and services. Therefore, he is a
Price maker
Price taker
Price system
Price competition
Correct answer is A
Monopoly is a situation where there is a single producer and seller of a commodity for which there is no close substitute. This gives a monopolist the power to make/decide the price for a particular commodity.
A firm that charges the maximum price without attracting competition from new entrants is
Oil firms
Monopolistic competitive firm
Monopolistic firm
Perfectly competitive firm
Correct answer is C
Monopolistic firm is characterizes by an industry in which many firms offer products or services that are similar, but not perfect substitutes. Barriers to entry and exit in a monopolistic competitive industry are low, and the decisions of any one firm do not directly affect those of its competitors.
Defacto and dejure
Increasing and decreasing
Over and under
Optimum
Correct answer is A
There are two types of population census. They are: Defacto Population Census and De jure Population Census.
Defacto is that type of census where only those who physically present would be counted.
Dejure is that type of census where an individual must be a permanent resident of an area. It is counting by proxy.