Question # 1

Income elasticity show the relationship between:

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Income and demand

Income and consumption

Income and price

Income and saving

Who is responsible for profit and loss in the business:

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Capitalist

Entrepreneur

Labour

Middleman

Factors of production are:

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One

Three

Two

Four

Macro Economics was introduced by:

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Alfred Marshall

J.M.Keynes

N.W Senior

J.B.Clark

The unity method of elasticity of demand was presented by:

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Adam Smith

Marshall

J.R Hicks

Pigeou

Personal income includes:

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Direct taxes

Indirect taxes

Undivided profit

Both 2^nd and 3^rd

According to law of diminishing marginal utility the marginal utility:

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Increases

Remains constant

Diminishes

Negative

Inflation on prices:

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Decrease

Remains constant

Increase

Become zero

Who is the writer of Wealth of Nation?

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Marshall

Adam Smith

Robbins

Keynes

Average revenue is equal to:

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Price

Marginal revenue

Total revenue

Average cost

The shape of AR and MR under perfect competition is:

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Vertical

U-shape

Horizontal to ox-axis

None of these

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