Question # 1

According to law of diminishing marginal utility the marginal utility:

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Increases

Remains constant

Diminishes

Negative

What is deducted from GNP to find GDP.

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Depreciation allowance

Net income received from abroad

Indirect tax

Transfer payments

National income does not include:

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Profit

Wages

Interest

Transfer payments

The other name of law of diminishing return is:

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Law of supply

Law of diminishing marginal utility

Law of demand

Law of increasing cost

National income period is

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One year

Three years

Two years

Four years

Rent of building is included in:

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Fixed cost

Variable cost

Marginal cost

Selling cost

Personal income includes:

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Direct taxes

Indirect taxes

Undivided profit

Both 2^nd and 3^rd

Who presented the quantity theory of money:

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Marshall

Robbins

Taussig

Keynes

Reward for capital is called:

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Rent

Interest

Wages

Profit

Factors of production are:

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One

Three

Two

Four

When price falls supply:

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Expands

Remains zero

Contrasts

Become fixed

International trade has the benefits:

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One

Unlimited

Two

Three

Who criticized Prof.Robbin's definition?

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Marshall,J.B

Beveridge

Clark

Pigeou

Due to devaluation exports become:

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Smaller

Larger

Cheaper

Expensive

The elasticity of demand of durable good is:

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More than unity

Equal to unity

Less than unity

Zero

The elasticity of demand of durable goods is:

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Zero

More than unity

Less than unity

Equal to unity

Ushr implies on:

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Agricultural product

Industrial product

Agricultural & industrial product

None of these

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