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Doctors Medicines MCQs Q&A

Which of the following statements are true/ false?
1. With the decrease in wages, the opportunity cost of leisure decreases.
2. An income effect is associated with lower wages.
3. The market demand curve for a particular type of labour is the horizontal summation of the marginal revenue product of labour curves of every firm in the market for that type of labour.
4. The market supply of labour is the number of workers of a particular type and skill level who are willing to supply their labour to firm at different wages.

Which of the following statements are true/ false?
1. With the decrease in wages, the opportunity cost of leisure decreases.
2. An income effect is associated with lower wages.
3. The market demand curve for a particular type of labour is the horizontal summation of the marginal revenue product of labour curves of every firm in the market for that type of labour.
4. The market supply of labour is the number of workers of a particular type and skill level who are willing to supply their labour to firm at different wages. Correct Answer 3, 4 are true and 2, 1 are false

Related Questions

Indifference curves relating to supply of labour have a number of properties some of which are mentioned below
1. Indifference curves are downward slopping
2. Indifference curves are upward slopping
3. Higher indifference curves indicate lower levels of utility
4. Higher indifference curves indicate higher levels of utility
5. Indifference curves do not intersect
6. Indifference curves intersect
7. Indifference curves are concave to the origin
8. Indifference curves are convex to the origin
Which among the following properties are not true?
Marginal cost is equal to marginal revenue, average cost is equal to average revenue, average revenue is equal to marginal revenue and average cost is equal to marginal cost. This is the condition of
1. long period equilibrium for a firm under monopoly
2. short period equilibrium for a firm under oligopoly
3. long period equilibrium
4. long period equilibrium for a firm under perfect competitions
Select the correct answer
The marginal cost is equal is to marginal revenue, the average cost is equal to average revenue, average revenue is equal to marginal revenue, and the average cost is equal to marginal cost. This is the condition of
1. Long-period equilibrium for a firm under monopoly.
2. Short-period equilibrium for a firm under oligopoly.
3. Long-period equilibrium
4. Long-period equilibrium for a firm under perfect competition.
From an alloy, two specimens are machined and tested separately under tension and compression. The engineering stress-strain curves as well as the true stress-true strain curves for tension and compression are plotted in the same diagram. Identify the correct statements:
P. The engineering stress-strain curves in tension and compression are identical.
Q. The true stress-true strain curve in compression is lower than the true stresstrue strain curve in tension due to Bauschinger effect.
R. The true stress-true strain curve in tension is above the corresponding engineering stress-strain, curve.
S. The true stress-true strain curve in tension and compression are identical.
Read the following passage and answer the item that follows. Your answers to this item should be based on the passage only. The greatest blessing that technological progress has in store for mankind is not, of course, an accumulation of material possessions. The amount of these that can be effectively enjoyed by one individual in one lifetime is not great. But there is not the same narrow limit to the possibilities of the enjoyment of leisure. The gift of leisure may be abused by people who have had no experience of making use of it. Yet the creative use of leisure by a minority in societies has been the mainspring of all human progress beyond the primitive level. With reference to the above passage, the following assumptions have been made: 1. People always see the leisure time as a gift and use it for acquiring more material possessions. 2. Use of leisure by some people to produce new and original things has been the chief source of human progress. Which of these assumptions is/are valid?
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.
In the following passage, some of the words have been left out. Read the passage carefully and select the correct answer for the given blank out of the four alternatives.
Technical skill ____________ to the ability and knowledge to use the pedagogy, tools and techniques involved in the teaching and research of a specific subject. Ability in programming or software designing and operating a computer is, ___________ instance, a technical skill. There are two things a teacher should understand __________ transformational technical skills. In the first place, he must know __________ skill and what level of skill should be applied on a particular student. He should be ____________ enough with their potential to ask discerning questions. Secondly, a teacher must understand the role of each event organised and the transformational skill applied, and the inter-relationships between the events and skills. he must know __________ skill and what level
When labour is plotted on X-axis and capital is plotted on Y-axis and an iso-quant is prepared, then which of the following statements is/are false ? (a) Marginal rate of technical substitution of labour for capital is equal to the slope of the iso-quant. (b) 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. (c) Marginal rate of technical substitution of labour for capital is the ratio of marginal productivity of capital to marginal productivity of labour.
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?
1. Marginal rate of technical substitution of labour for capital is equal to the slope of the iso-quant.
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.
3. Marginal rate of technical substitution of labour for capital is the ratio of marginal productivity of capital to marginal productivity of labour.
In the following passage, some of the words have been left out. Read the passage carefully and select the correct answer for the given blank out of the four alternatives. Technical skill ____________ to the ability and knowledge to use the pedagogy, tools and techniques involved in the teaching and research of a specific subject. Ability in programming or software designing and operating a computer is, ___________ instance, a technical skill. There are two things a teacher should understand __________ transformational technical skills. In the first place, he must know __________ skill and what level of skill should be applied on a particular student. He should be ____________ enough with their potential to ask discerning questions. Secondly, a teacher must understand the role of each event organised and the transformational skill applied, and the inter-relationships between the events and skills. Technical skill ____________ to the ability