Question # 1

Who is responsible for profit and loss in the business:

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Capitalist

Entrepreneur

Labour

Middleman

In inflation prices:

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Increase

Do not change

Decrease

Become zero

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

The elasticity of demand of durable good is:

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More than unity

Equal to unity

Less than unity

Zero

Marginal cost curve always intersects average cost curve at:

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The maximum point

The central point

The minimum point

The vertical point

Reward for labour is:

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Interest

Wages

Profit

Rent

Who described Economics as a scienece of wealth:

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Piguo

Adam Smith

Robbins

Marshall

Which Economists presented the law of diminishing marginal utility:

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Robbins

Malthus

Adam Smith

Marshall

According to law of increasing return marginal product:

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Increases

Decreases

Remains constant

None of these

The methods of measuring elasticity of supply are:

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Three

Two

Four

Five

Average revenue is equal to:

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Price

Marginal revenue

Total revenue

Average cost

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