Question # 1

Who is responsible for profit and loss in the business:

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Capitalist

Entrepreneur

Labour

Middleman

Phases of trade cycle are:

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One

Three

Two

Four

The elasticity of demand of durable good is:

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More than unity

Equal to unity

Less than unity

Zero

During a year aggregate value of produced goods and services of a country is called:

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Per-capita income

Net national income

Personal income

Gross national product

Income elasticity show the relationship between:

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Income and demand

Income and consumption

Income and price

Income and saving

The supply of perishable goods is:

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Fixed

Variable

Minor change

Zero

Who described Economics as a scienece of wealth:

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Piguo

Adam Smith

Robbins

Marshall

Rent of building is included in:

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Fixed cost

Variable cost

Marginal cost

Selling cost

When national income is increases:

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Standard of living increases

Standard of living decreases

Remains same

Bad thing

Which economist presented the Cardinal Theory of Utility:

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Marshall

Canon

Kroose

J.B Say

Due to devaluation exports become:

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Smaller

Larger

Cheaper

Expensive

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NAT I General Science Economics MCQs With Answers

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