1. Fro the national point of view which of the following indicates micro approach?

A) Per capital income of India
B) Under employment in agricultural sector
C) Look out in TELCO
D) Total savings in India



2. Which of the following is not considered production in Economics?

A) Tilling of soil by farmers
B) Singing a song before friends.
C) Construction of Canal by laborers
D) Painting a picture for sale



3. Economies of scale means increasing production with______ per unit

A) Increase in total cost
B) Decrease in average cost
C) Decrease in marginal cost
D) Decrease in total cost



4. Market structure where goods have close substitutes is best described as-

A) Perfectly competitive.
B) Monopolistic.
C) Monopolistically competitive.
D) None of above



5. Which of the following is not a characteristic of labour?

A) Its inseparable from laborer
B) It is immobile & passive
C) It is human efforts.
D) It is rewarded with wages