Question # 1

The unity method of elasticity of demand was presented by:

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Adam Smith

Marshall

J.R Hicks

Pigeou

In inflation prices:

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Increase

Do not change

Decrease

Become zero

The other name of law of decreasing return is:

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Law of decreasing cost

Law of increasing cost

Law of constant cost

Law of increasing returns

The economy gets maximum prosperity during:

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Recession

Recovery

Boom

Depression

Inflation on prices:

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Decrease

Remains constant

Increase

Become zero

Personal income includes:

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Direct taxes

Indirect taxes

Undivided profit

Both 2^nd and 3^rd

According to law of increasing return marginal product:

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Increases

Decreases

Remains constant

None of these

Reward for labour is:

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Interest

Wages

Profit

Rent

Factors of production are:

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One

Three

Two

Four

The economy gets prosperity during:

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Recession

Boom

Depression

Recovery

If total expenditure decreases with the rise in price elasticity of demand will be

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Equal to unity

Less than unity

Greater than unity

Equal to zero

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