Question # 1

A seller can increase his sales revenue by charging a lower price, if the demand has

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e < 1

e = 1

e > 1

e = 0

The method to measure the elasticity of demand by the unitary method was introduced by.

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Alfred Marshall

Robbins

Adam Smith

Malthus

Diminishing marginal utility is the basis of

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law of supply

law of demand

laws of returns

none of the above

To the economist, investment refers to

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sale of real estate

creation of new capital

purchase of a prize bond

decrease in inventories

When labourers do not get jobs according to their qualification it will be :

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Unemployment

Under employment

Disguised unemployment

None of the three

Normal profit is

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part of total cost

part of economic profit

part of fixed cost

total revenue minus total cost

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 main object of trade unions is to:

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Strength the bargaining position of labour

Get jobs for the employed persons

Get recreational facilities

Get free meals

They can expand their business by selling shares in the stock market

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proprietor of a business

partners of the business

joint stock company

industrial cooperative societies

When MU is positive, TU

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increases

decreases

remains constant

is maximum

TC

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rises continuously

falls then rises

is horizontal to x-axis

is parallel to y-axis

If price changes by one % and supply changes by 2% then supply is

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elastic

inelastic

indeterminate

static

Three basic economics problems are

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what, how and for whom

why, where and when

what, which and how much

what, which and why

Supply curve

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is vertical in long run

is flatter in long run

is same in long and short run

is horizontal in both short and long run

Demands and supply curves cross at

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always at 60 degree

at 90 degree

at equal angle

at any angle

A consumer's spending is restricted because of

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marginal utility

budget constraint

demand curve

unlimited wants

Land, labour and capital are needed to produce goods. They are collectively called

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elements of production

factors of production

tools of production

cost of production

He described economics as a science of material welfare

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Robbins

Marshall

Ricardo

Keyness

The quantities of a commodity offered for sale at different prices during a given period of time are called

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Supply

Demand

Stock

None of these

normative economics

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deals solely with the facts

is never studied in colleges

involves opinions and interpretations

is clearly preferable to positive economics

y = 20-5 x this function is.

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Increasing function

Decreasing function

Constant function

Exponential function

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