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41.

Basic fundamental law of agriculture is:

A.	Law of diminishing return	B.	Law of equimarginal return
C.	Law of substitution	D.	Law of demand and supply

42.

Who was the first economist to have evolved the technique of indifference curve analysis?

A.	David Ricardo	B.	Bohm Bawerk
C.	F.Y. Edgeworth	D.	A.C. Pigou

43.

Break-even point is determined by:

A.	MC = MR	B.	MC = AVC
C.	MC = AC = AR	D.	TR = TC

44.

Building machinery and implements are examples of:

A.	Variable resources	B.	Fixed resources
C.	Flow resources	D.	None of the above

45.

Buyer's market devote the place where:

A.	Supply receeds the demand	B.	Supply exceeds the demand
C.	Money value remains unchanged	D.	None of these

46.

By preparing chairs the wood creates:

A.	Form utility	B.	Time utility
C.	Place utility	D.	Knowledge utility

47.

Capital market deals with:

A.	Cotton	B.	Wheat
C.	Raw material	D.	Bonds and shares

48.

Which one of the following principles is employed in production when resources are scarce?

A.	Added cost is equal to added returns	B.	Equal-marginal principle
C.	Competitive advantage	D.	None of these

49.

Which one of the following pairs is correctly matched?

A.	Common cost = Cost associated with variable resource	B.	Average cost = A study of returns and costs
C.	Marginal cost = Additional cost to produce an additional unit of output	D.	Prime cost = Cost related to fixed resources

50.

Which one of the following is operational decision?

A.	Enterprise mix	B.	Selection of least cost
C.	Level of resource ue	D.	All above