10.

ag.

12.

2 C 21240

In the short-run, which of the following always gets smaller as output increases ?

(a) Average fixed cost. ` (9) Average variable cost.

(c) Short-run average cost. (d) Short-run marginal cost.
In matrices, inter-industry demand is summarized as :

(a) Input-output matrix. (४) Output-input matrix.

(c) Linear buying matrix. (d) Linear selling matrix.

According to determinant properties, multiple of one row is added to another row then
determinant :

(a) Changed. . (b) Unchanged.
(c) Multiplied. (d) Added.

Suppose a demand curve runs from the price axis to the quantity axis in a straight line. Where
abouts will Price Elasticity of Demand = - 1.0?

(a) Where the curve meets the price axis.
(b) Everywhere along the curve.
(c) At the mid-point of the curve.
(d) Nowhere along the curve.
An isoquant that is :
(a) Further from the origin represents greater output.
(b) Flatter represents the trade-offs between inputs that are poor substitutes.
(c) Negatively sloped represents input combinations associated with Stage I of production.
(d) All of the above are correct.
The law of diminishing returns begins at the level of output where ?
(a) Marginal cost is at a minimum.

(b) Average variable cost is at a minimum.

(c) Average fixed cost is at a maximum.
(d) None of the above is correct.
Two matrices A and B are equal if:
(a) Both are rectangular.
(b) Both have same order.
(c) No. of columns of A is equal to columns of B.

(d) Both have same order and equal corresponding elements.
(12 x % = 6 marks)