Question # 1

Who introduced the concept of 'Permanent Income Hypothesis'?

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Irving Fisher

Adam smith

Milton Friedman

Franco

In America it is called a biscuit, What do the British call it?

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Scone

Wafer

Cookie

Cone

The prices elasticity of demand coefficient indicates:

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Buyer responsiveness to price changes

The extent to which a demand curve shifts as incomes changes

The slope of he demand curve

How far business executive can stretch their fixed costs

For a perfectly competitive firm:

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Price equals marginal revenue

Price is greater than marginal revenue

Price equals total revenue

Price equals total cost

Sometime a patient complains of (c/o) chest pain, There are several tests that are ordered for Chest pain, but one of the first is an EKG, What does EKG stand for?

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Emergency Potassium Graph

Electron Counting graph

Electronic Crank graph

Electrocardiogram

The free market involves:

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The free provision of products

The subsidising of products by the government

Market forces of supply and demand

All trad via barter

GEAC is an important organization in India, What is its full form?

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General eating and acting committee

General engineering Approval corporation

Genetic Engineering Approval Committee

Genetic Engineering Approval Corporation

The sudden and violent overthrow of a government almost invariably by military is termed as:

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Revolution

Political change

Coup d' etat

none of these

What of the following is false about W.T.O?

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It is the main organ implementing the Multilateral Trade Agreement

It is global in its membership

It has far wider scope than GATT

Only countries having more than prescribed level of total GDP can become its members

What is a reflationary policy?

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Increases aggregate supply

Increases aggregate demand

Decreases the price level

Increases full employment

Which industry group has the highest outstanding amount in non-small scale sector in Pakistan?

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Textile industry

Engineering industry

Sugar industry

Iron industry

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