When labour is plotted on X-axis and capital is plotted on Y-axis and an isoquant is prepared, then which of the following statement(s) is/arefalse?<br>1. Marginal rate of technical substitution of labour for capital is equal to the slope of the iso-quant.<br>2. Marginal rate of technical substitution of labour for capital is equal to change in the units of capital divided by the change in the units of labour.<br>3. Marginal rate of technical substitution of labour for capital is the ratio of marginal productivity of capital to marginal productivity of labour.

If for a particular combination of labour and capital, the marginal productivity of capital is 4 units of output and the marginal rate of technical substitution is 2 units of capital per unit of labour, then the marginal productivity of labour will be

A

1/2

B

4

C

6

D

8

Statement (A): The isoquant curves are drawn convex to the origin due to the diminishing technical rate of substitution.
Statement (B): The lesser the convexity of the isoquant curve, the greater the possibility of the complementarity of the two inputs.

A

Statement (A) and (B) are correct

B

Statement (A) is correct but (B) is incorrect

C

Statement (A) is incorrect but (B) is correct

D

Statement (A) and (B) are incorrect

Statement I The isoquant curves are drawn convex to the origin due to diminishing technical rate of substitution.
Statement II The lesser the convexity of the isoquant curve, the greater the possibility of the complementarity of the two inputs.

A

Both statements are true

B

Statement I is true, but Statement II is false

C

Statement I is false, but Statement II is true

D

Both statements are false

Statement I The least-cost or optimal input combination of labour capital requires that the marginal revenue productivity ratio of the two inputs should be equal to their price ration.
Statement II In a hypothetical production function of the following from Q = L³ + 15L² + 10
Where Q = Quantity of the product and L = No. of variable input (labour) the marginal physical productivity of labour is L² + 15L + 10

A

Both, statements are true

B

Both, statements are false

C

Statement I is true while Statement II is false

D

Statement I is false, while Statement II is true

Which of the following statements are true/false?
1. Demands for goods is directly proportional to the labour market.
2. Marginal productivity is the addition made to the total production by subtracting one worker from the existing labour force.
3. Demand for labour is dependent on the elasticity of demand for product produced by the labour.
4. At higher wages, the demand for labour will be higher.

A

1, 2 are true and 3, 4 are false

B

1, 3 are true and 2, 4 are false

C

2, 4 are true and 1, 3 are false

D

3, 4 are true and 2, 1 are false

Raw material purchased:
1^st January, 600 units @ Rs. 12 per unit
12^th January, 500 units @ Rs. 14 per unit
21^st January, 300 units @ Rs. 13 per unit
Raw material issued for manufacture:
3^rd January 300 units
5^th January 124 units
15^th January 250 units
16^th January 300 units
Raw material returned to stores from manufacturing department on 14^th January, 50 units. The material is issued on First-in-First out method.
The value of material remaining in store on 21^st January will be:

A

5,775

B

6,100

C

6,350

D

6,600

The short-run production function for a firm is as follows
Q = -L³ + 15L² + 10L
Where Q denotes total output in physical units and L denotes units of labour which are homogeneous, but are not perfectly divisible and change in labour does not tend to become zero.
Statement I In this production function, the marginal product of 5^th unit of labour is 85.
Statement II Similarly, in this production function, the average product of the 5^th unit of labour is 60.

A

Both the statements are true

B

Both the statements are false

C

Statement I is true, while Statement II is false

D

Statement I is false, but Statement II is true

On the expansion path of the firm operating with homogeneous production function, which among the following remain constant?
1. Input ratio
2. Price ratio of inputs
3. Marginal rate of technical substitution between the factors
4. Elasticity of substitution
Select the correct answer

A

1 and 4

B

1 and 2

C

2, 3 and 4

D

1, 2, 3 and 4

A passage is given with five questions following it. Read the passage carefully and select the best answer to each question out of the given fouralternatives. Teaching about compassion and empathy in schools can help deal with problems of climate change and environmental degradation,” says Barbara Maas, secretary,
Standing Committee for Environment and Conservation, International Buddhist Confederation (IBC). She was in New Delhi to participate in the IBCs governing
council meeting, December 10-11, 2017. “We started an awareness campaign in the year 2005-2006 with H H The Dalai Lama when we learnt that tiger skins were
being traded in China and Tibet. At that time, I was not a Buddhist; I wrote to the Dalai Lama asking him to say that this is harmful and he wrote back to say, “We
will stop this.” He used very strong words during the Kalachakra in 2006, when he said, If he sees people wearing fur and skins, he doesnt feel like living. This sent
huge shock waves in the Himalayan community. Within six months, in Lhasa, people ripped the fur trim of their tubba, the traditional Tibetan dress. The messenger was ideal and the audience was receptive,” says Maas who is a conservationist. She has studied the battered foxs behavioral ecology in Serengeti,Africa. She heads the endangered species conservation at the Nature and Biodiversity Conservation Union (NABU) International Foundation for Nature, Berlin. “I metSamdhong Rinpoche, The Karmapa, HH the Dalai Lama and Geshe Lhakdor and I thought, if by being a Buddhist, you become like this, I am going for it, “says Maas, who led the IBC initiative for including the Buddhist perspective to the global discourse on climate change by presenting the statement, The Time to Act is Now: aBuddhist Declaration on Climate Change, at COP21 in Paris. “It was for the first time in the history of Buddhism that leaders of different sanghas came together to take a stand on anything! The statement lists a couple ofimportant things: the first is that we amass things that we dont need; there is overpopulation; we need to live with contentment and deal with each other and theenvironment with love and compassion,” elaborates Maas. She is an ardent advocate of a vegan diet because “consuming meat and milk globally contributes more toclimate change than all "transport in the world.” Turning vegetarian or vegan usually requires complete change of perspective before one gives up eating their favorite food. What are the Buddhist ways to bringabout this kind of change at the individual level? “To change our behavior, Buddhism is an ideal vehicle; it made me a more contented person,” says Maas, who grewup in Germany, as a sausage chomping, meat-loving individual. She says, “If I can change, so can anybody”. Why did Ms. Barbara Mass say “If I can change, so can anybody”?

A

She never wanted to change but she still did, so anyone else can.

B

She was a complete vegan but still turned non vegetarian.

C

She did not believe in Buddhism but the religion attracted her.

D

She grew up eating non vegetarian but turned vegan.

In perfect competition, when a firm is in short periods, for equilibrium, the following condition does apply
1. Marginal cost must equal marginal revenue.
2. Average cost must equal average revenue.
3. Marginal revenue must equal average revenue.
4. Marginal cost must equal average cost.

A

1, 2 and 3

B

1 and 3

C

2, 3 and 4

D

Only 3