Lakshya Education MCQs

Question: A significant property of the Cobb-Douglas production function is that the elasticity of substitution between inputs is
A.Equal to 1
B.More than 1
C.Less than 1
Answer: Option A

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More Questions on This Topic :

Question 1. Union leaders are in better position to bargain for higher wages if demand for labour is
  1.    Elastic
  2.    Inelastic
  3.    Very large
  4.    Permanent
Answer: Option B
Question 2. Economies of scale are of two kinds
  1.    Temporary and permanent
  2.    Internal and external
  3.    Managerial and industrial
  4.    Natural and artificial
Answer: Option B
Question 3. Identify the economist who had little formal education and started working in the money market at an early age of fourteen.
  1.    David Ricardo
  2.    Adam Smith
  3.    V.F.D. Pareto
  4.    A.A. Cournot
Answer: Option A
Question 4. Which is not a central problem of an economy?
  1.    What to produce
  2.    How to produce
  3.    How to maximize private profit
  4.    For whom to produce
Answer: Option C
Question 5. Who is generally regarded as the founder of the 'Classical School'?
  1.    David Ricardo
  2.    Adam Smith
  3.    T.R.Malthus
  4.    J.S.Mill
Answer: Option B
Question 6. Identify the author of "The principles of Political Economy and Taxation"
  1.    Alfred Marshall
  2.    J.S.Mill
  3.    David Ricardo
  4.    A. Turgot
Answer: Option C

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