Online Test Information

Question # 1

Personal income means:

Own income A
Family income B
Govt.income C
Old income D

Question # 2

International trade has the benefits

One A
Three B
Two C
Unlimited D

Question # 3

Average revenue is equal to:

Price A
Marginal revenue B
Total revenue C
Average cost D

Question # 4

Inflation on prices:

Decrease A
Remains constant B
Increase C
Become zero D

Question # 5

When national income is increases:

Standard of living increases A
Standard of living decreases B
Remains same C
Bad thing D

Question # 6

Marginal cost curve always intersects average cost curve at:

The maximum point A
The central point B
The minimum point C
The vertical point D

Question # 7

The supply of perishable goods is:

Fixed A
Variable B
Minor change C
Zero D

Question # 8

Who wrote The Nature and Significance of Economics"

Adam simth A
Marshall B
Robbins C
Keynes D

Question # 9

Inflation will be useful for:

Labourers A
Industrialist B
Consumers C
Pensioners D

Question # 10

The economy gets prosperity during:

Recession A
Boom B
Depression C
Recovery D

Question # 11

Which economist presented the Cardinal Theory of Utility:

Marshall A
Canon B
Kroose C
J.B Say D

Question # 12

National income period is

One year A
Three years B
Two years C
Four years D

Question # 13

Who is responsible for profit and loss in the business:

Capitalist A
Entrepreneur B
Labour C
Middleman D

Question # 14

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

Per-capita income A
Net national income B
Personal income C
Gross national product D

Question # 15

Factors of production are:

One A
Three B
Two C
Four D

Question # 16

Reward for capital is called:

Rent A
Interest B
Wages C
Profit D

Question # 17

What was the difficulty in the barter System:

Excess of goods A
Difference language B
Lack of co-incidence C
Difference in proffession D

Question # 18

The shape of AR and MR under perfect competition is:

Vertical A
U-shape B
Horizontal to ox-axis C
None of these D

Question # 19

It is a Federal Tax:

Excise duty A
Local tax B
Property tax C
None D

Question # 20

Who criticized Prof.Robbin's definition?

Marshall,J.B A
Beveridge B
Clark C
Pigeou D

Sr.#	Question	Answer
1	Who described Economics as a scienece of wealth:	A. Piguo B. Adam Smith C. Robbins D. Marshall
2	The economy gets prosperity during:	A. Recession B. Boom C. Depression D. Recovery
3	The methods of measuring elasticity of supply are:	A. Three B. Two C. Four D. Five
4	The other name of law of diminishing return is:	A. Law of supply B. Law of diminishing marginal utility C. Law of demand D. Law of increasing cost
5	Rent of building is included in:	A. Fixed cost B. Variable cost C. Marginal cost D. Selling cost
6	How many methods can be used for cultivation	A. One B. Two C. Three D. Four
7	Marginal cost curve always intersects average cost curve at:	A. The maximum point B. The central point C. The minimum point D. The vertical point
8	Personal income includes:	A. Direct taxes B. Indirect taxes C. Undivided profit D. Both 2^nd and 3^rd
9	The other name of law of decreasing return is:	A. Law of decreasing cost B. Law of increasing cost C. Law of constant cost D. Law of increasing returns
10	Who is responsible for profit and loss in the business:	A. Capitalist B. Entrepreneur C. Labour D. Middleman

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