Question # 1

National income period is

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One year

Three years

Two years

Four years

Due to devaluation exports become:

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Smaller

Larger

Cheaper

Expensive

Personal income includes:

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Direct taxes

Indirect taxes

Undivided profit

Both 2^nd and 3^rd

Slope of demand curve is:

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Negative

Zero

Positive

Fixed

According to law of increasing return marginal product:

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Increases

Decreases

Remains constant

None of these

In monopoly the number of firms is:

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One

Three

Two

Unlimited

The economy gets prosperity during:

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Recession

Boom

Depression

Recovery

When price falls supply:

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Expands

Remains zero

Contrasts

Become fixed

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 supply of land is:

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Infinity

Fixed

Variable

Zero

International trade has the benefits:

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One

Unlimited

Two

Three

National income does not include:

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Profit

Wages

Interest

Transfer payments

It is a Federal Tax:

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Excise duty

Local tax

Property tax

None

The quality of a good which satisfies a human want is called as:

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Service

Cost

Utility

None

Reward for labour is:

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Interest

Wages

Profit

Rent

Who is responsible for profit and loss in the business:

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Capitalist

Entrepreneur

Labour

Middleman

Who is the writer of Wealth of Nation?

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Marshall

Adam Smith

Robbins

Keynes

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