Which of the following is not true of a firm in equilibrium condition in perfect competition?

A. MC is rising

B. MC curves cuts AC curves from below

C. MR>AR

D. MC = AC

E. MR = AR

Hoarding in distributive trade leads to

A. non-availabilty of commodities

B. production of inferior goods

C. increase in the supply of goods

D. decrease in the supply of goods

E. artificial scarcity of goods

Hoarding in distributive trade leads to

A. non-availabilty of commodities

B. production of inferior goods

C. increase in the supply of goods

D. decrease in the supply of goods

E. artificial scarcity of goods

If an economy grows at an annual rate of 6% of which 4% is deemed to be due to improvement in the productivity of labour and capital combined ,the remaining 2% is generally attributed to the

A. amount of natural resources

B. improvement in banking services

C. size of the population

D. quality of human resources

E. improvement in government fiscal policies

When the government imposes a unit tax on a commodity with perfectly inelastic demand , the

A. tax is borne entirley by the seller

B. tax is shared equally between the buyer and the seller

C. seller bears 70% and the consumer bears 30% of the tax

D. tax is borne entirely by the consumer

E. tax is borne by nobody

Free Trade means

A. producers are free to determine their prices

B. market forces are allowed to determine prices

C. non-restriction of international trade

D. goods are to be sold free of charge

E. people are free to buy in foreign countries

In a public company , entrepreneural function are performed by the

A. workers

B. shareholders

C. creditors

D. board of directors

E. chairman

Term of trade is the

A. ratio of capital movement to export movements

B. ratio of import to short-term export

C. difference between export and import

D. ratio of short-term capital movement to long-term capital movements

E. ratio of index of export prices to index of import prices

Tariff can be define as a compulsory levy on

A. goods that are produced and consumed locally

B. foreign exchange earnings

C. imported but inferior goods

D. foreigners working in a country

E. imports and exports

International trade is different from internal trade because of the

A. manufactured goods involved

B. currency differentials

C. homogeinty of products

D. heterogeinty of products

E. uniformity of prices