Q:

For each perfectly competitive firm in the long run

A) price = marginal costs = average variable costs	B) price = average profit
C) price = marginal costs = minimum average total costs	D) price = minimum average variable costs

Answer & Explanation Answer: C) price = marginal costs = minimum average total costs

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Q:

The law of demand states that

A) if the price of a good increases, the demand for that good decreases.	B) if the price of a good increases, the the demand for that good increases.
C) if the price of a good increases, the quantity demanded of that good decreases.	D) if the price of a good increases, the quantity demanded of that good increases.

Answer & Explanation Answer: C) if the price of a good increases, the quantity demanded of that good decreases.

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Q:

The demand for a normal good decreases with ________ in the consumer's income.

A) increase	B) decrease
C) constant	D) double

Answer & Explanation Answer: B) decrease

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Q:

_________ says that the marginal product of a factor input initially rises with its employment level. But after reaching a certain level of employment, it starts falling.

A) Law of diminishing marginal product	B) Law of variable proportions
C) The Short Run	D) The Long Run

Answer & Explanation Answer: B) Law of variable proportions

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Q:

The study of individual markets of demand and supply in which the 'players', or the decision makers, were also individuals (buyers or sellers, even companies) who were seen as trying to maximize their profits (as producers or sellers) and their personal satisfaction or welfare levels (as consumers) is called?

A) Macroeconomics	B) Econometrics
C) Microeconomics	D) Heterodox Economics

Answer & Explanation Answer: C) Microeconomics

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Q:

____ forms a common passage for both urine and sperms in human males.

A) Oviduct	B) Ureter
C) Urethra	D) Vas deferens

Answer & Explanation Answer: C) Urethra

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Filed Under: Biology
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Q:

Which of the following is a bisexual flower?

A) Cucumber	B) Mustard
C) Watermelon	D) Papaya

Answer & Explanation Answer: B) Mustard

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Filed Under: Biology
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Q:

Involuntary muscles are controlled by the

A) Central nervous system	B) Autonomic nervous system
C) Peripheral nervous system	D) All the above

Answer & Explanation Answer: B) Autonomic nervous system

Explanation:

Involuntary muscles are the muscles which contract without conscious control whereas Voluntary muscles are the muscles that help you walk, talk, pick up things, jump and do all the basic or complex movements you do everyday with your consciousness.

* The contraction in the involuntary muscles is controlled by the autonomic nervous system. These are present in the walls of the digestive system, blood vessels, bronchi, uterus and bladder.

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