Related Studylists. 6. The problem of personnel can be solved either by direct recruitment of young men through special recruitment boards or by drafting people with good record in the private sector. Test Banks; Help; Your feedback; From our catalogue pages: Find a textbook; Find your local rep; King: Economics Multiple choice questions. Prof. Galbraith in 1956 and the Estimates Committee in 1960 have recommended the establishment of larger companies in order to derive the benefits and economies of large-scale organization and management. To overcome this drawback, adequate feasibility studies and detailed planning should be undertaken. Rent would then replace depreciation and interest. For example, if electricity rates are reduced, in the short-run, existing users of electrical appliances will make greater use of these appliances ultimately leading to a still greater demand for electricity. 18. So does the buyer. Because of working estimation of manpower requirements, over-staffing is a common feature of all public enterprises leading to increase in wage bill and operating costs considerably. Karta may misuse his freedom for his personal benefits as other co-partners have no right to interfere in conducting business. Parts (b) and (c) will be “explain” type of questions. (c) Morarji Desai Ans. i. (d) an Autonomous Corporation, 6. Indirect labor, supplies, and electricity are usually controllable. The relationship among total cost, average cost, and marginal cost is shown in Table 3.1. (c) holds the rank of a cabinet minister The seller monopolist on his part would wish to sell a smaller quantity OM1 at a higher price OM2. The board of directors appointed to various public undertakings are nominated by the government, mostly from the government officials of the various departments The Estimates Committee has felt that these directors cannot play any useful role. Paper 1 Tips IB Economics Exam Tip #1 – Time management. (c) limited (b) Jawaharlal Nehru 4.15, AR is the demand curve facing the pure monopolist. Thus even a pure monopolist with no rivals at all cannot fix both price and output at the same time. Join Chegg Study and get: Guided textbook solutions created by Chegg experts Learn from step-by-step solutions for over 34,000 ISBNs in Math, Science, Engineering, Business and more 24/7 Study Help. While some economists advocate that public enterprises should function in the public interest on a no-profit-no-loss basis, some others have stated that the public enterprises should be able to generate enough surpluses both for their requirements of growth, replacements and development, as well as for financing other developmental plans included in the Five Year Plans. Lack of proper production planning in these undertakings has resulted in the under-utilization of capacities leading to heavy losses. Ans. Practice Questions 2010. Elasticity of Demand and Supply. Pure monopoly “occurs when a producer is so producer is so powerful that he is always able to take the whole of all consumers’ incomes whatever the level of his output. This will help you to prepare properly for Economics and help you get better marks in CBSE NCERT KVS exam papers for Class 11 Economics and help you if you are appearing for exams as you will understand the pattern of the paper and the marking scheme. The cross elasticity of demand with every other product is zero. Short-run demand refers to the demand with its immediate reaction to price changes, income fluctuations, etc. Since independence, a large number of State enterprises have been established and the State has been facing the problems relating to their administration. Preview text. (b) Finance Commission To maximize his profits the buyer monopolist will have a curve MCB marginal to the MCA curve to meet his demand curve D at B. (c) Adam Smith Suppose that the equilibrium price of an article is N5.00 … The decentralisation system was recommended by : (a) C.Rajagopalachari Chapter 05 . They are called co-partners in interest. Bilateral monopoly refers to a market situation in which a single producer faces a single buyer. Ans. 1500+ Economics Question & Answer PDF Download: Economics is very important for every competitive exams in these days. 3. Where marginal cost falls, total cost will be rise at a declining rate; on the other hand, where marginal cost is rises, total cost will rise at an increasing rate. The cross elasticity of demand with every other product is very low. If the Karta has misappropriated the funds of the business, he has to compensate the other co-partners to the extent of their share in the joint property. Before publishing your Articles on this site, please read the following pages: 1. Ans. 20. 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