Question # 1

According to Alfred Marshall, Economics should be taken as:

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Positive economics

Normative economics

Welfare economics

Applied economics

Which on of the following represents fixed cost:

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Price of raw material

Wages

Interests on loan

Rent of land

Total fixed cost curve is .

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Parallel to the vertical axis

Parallel to the horizontal axis

Sloping downward to the right

Sloping upward to the right

Goods which can satisfy human wants are.

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Consumer goods

Capital goods

Social goods

Public goods

The market of refrigerators in general is called:

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Domestic market

Local market

International market

National market

General price level and real income of the people are correlated with each other

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Negatively

Positovely

Normally

Sub normally

The products which are not priced in the market are called .

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Economic goods

Non-economic goods

Merit goods

Social goods

Which one of the following is a functional equation of demand:

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Q - 20 + 2P = 0

Q - 3 - 3P = 0

Q + -2P = 0

None of the three

All materials goods which can satisfy humans wants are called.

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Non economic goods

Economic goods

Capital goods

Services

Marginal revenue recommended by symbol

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MR

MC

AR

None of these

Short run means is a period

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less than one year

in which at least one input is fixed

in which no input can be changed

in which firms can easily enter or exit

Who said that "Economics is a science of human welfare"

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Adam Smith

Carlyle and Ruskin

Alfred Marshall

Malthus

As output increase, one of the following costs will also increase:

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Marginal cost

Average cost

Variable cost

Fixed cost

Equilibrium of consumer is explained by

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negative utility

positive utility

marginal utility

profit

Wants are unlimited for:

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Poor person

Rich person

All persons

None of them

A firm should shut down in the short run if it is not covering its

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variable cost

fixed cost

total cost

explicit cost

The market of cars is.

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International market

Regional market

Local market

Domestic market

Demand is a function of

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price

quantity

supply

none

Prof. Robins wrote a book in 1931 entitled.

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General Theory of employment. Interest and money.

An inquiry into the nature and causes of wealth of nations.

Principle of economics.

Nature and Significance of economic science.

The shape of rectangular hyperbola is made by

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MC

AFC

AVC

TFC

How many types of markets according to location

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4

5

6

7

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