The ........... of a firm is a relationship between inputs and output produced by the firm.
Marginal product
Production function
Total product
Average product
B.
Production function
............ of an input is defined as the change in output per unit of change in the input when all other inputs are held constant.
Marginal Product
Production function
Total product
Average product
The collection of all possible combinations of the goods and services that can be produced from a given amount of resources and a given stock of technological knowledge is called the ____________ of the economy.
Resource Probability Set
Produciton Probability Set
Resource Possibility Set
Production Possibility Set
'Taxes on lands and buildings' is listed in the .................. list given in the Seventh Schedule in the Constitution of India.
Union
State
Global
Concurrent
If at a price, market supply is greater than market demand, we say that there is ________ in the market at that price.
Equilibrium
Excess Demand
Excess Supply
Marginal Revenue
.......... is defined as the output per unit of variable unit.
Marginal product
Production function
Total product
Average product
The ............. exchange rate is the price of one unit of foreign currency in terms of domestic currency.
Artifical
Nominal
Fixed
Real
A ............ deficit is financed by net capital flows from the rest of the world, thus a capital account surplus.
Current Account
Savings Account
Capital Account
Asset Account
The demand for a normal good increases with .......... in the consumer's income.
increase
decrease
constant
double
