Online Test Information

Question # 1

Who is responsible for profit and loss in the business:

Capitalist A
Entrepreneur B
Labour C
Middleman D

Question # 2

The other name of law of diminishing return is:

Law of supply A
Law of diminishing marginal utility B
Law of demand C
Law of increasing cost D

Question # 3

If total expenditure decreases with the rise in price elasticity of demand will be

Equal to unity A
Less than unity B
Greater than unity C
Equal to zero D

Question # 4

The methods of measuring elasticity of supply are:

Three A
Two B
Four C
Five D

Question # 5

Consumer goods are those goods which are used by a man:

Directly A
Off and On B
Indirectly C
Never D

Question # 6

Slope of demand curve is:

Negative A
Zero B
Positive C
Fixed D

Question # 7

What remains after deduction of direct taxes from the personal incom:

NNI A
DPI B
NDI C
GNP D

Question # 8

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

Service A
Cost B
Utility C
None D

Question # 9

When price falls supply:

Expands A
Remains zero B
Contrasts C
Become fixed D

Question # 10

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 # 11

The quality of a commodity which satisfies the human wants:

Usefulness A
Loss B
Utility C
Return D

Question # 12

Factors of production are:

One A
Three B
Two C
Four D

Question # 13

Which Economists presented the law of diminishing marginal utility:

Robbins A
Malthus B
Adam Smith C
Marshall D

Question # 14

Personal income includes:

Direct taxes A
Indirect taxes B
Undivided profit C
Both 2^nd and 3^rd D

Question # 15

National income period is

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

Question # 16

Which economist presented the Cardinal Theory of Utility:

Marshall A
Canon B
Kroose C
J.B Say D

Question # 17

Income elasticity show the relationship between:

Income and demand A
Income and consumption B
Income and price C
Income and saving D

Question # 18

Due to devaluation exports become:

Smaller A
Larger B
Cheaper C
Expensive D

Question # 19

When national income is increases:

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

Question # 20

Inflation on prices:

Decrease A
Remains constant B
Increase C
Become zero D

Sr.#	Question	Answer
1	When price falls supply:	A. Expands B. Remains zero C. Contrasts D. Become fixed
2	If total expenditure decreases with the rise in price elasticity of demand will be	A. Equal to unity B. Less than unity C. Greater than unity D. Equal to zero
3	National income period is	A. One year B. Three years C. Two years D. Four years
4	Phases of trade cycle are:	A. One B. Three C. Two D. Four
5	According to law of increasing return marginal product:	A. Increases B. Decreases C. Remains constant D. None of these
6	Who is responsible for profit and loss in the business:	A. Capitalist B. Entrepreneur C. Labour D. Middleman
7	Who is the writer of Wealth of Nation?	A. Marshall B. Adam Smith C. Robbins D. Keynes
8	Who presented the quantity theory of money:	A. Marshall B. Robbins C. Taussig D. Keynes
9	What was the difficulty in the barter System:	A. Excess of goods B. Difference language C. Lack of co-incidence D. Difference in proffession
10	The elasticity of demand of durable goods is:	A. Zero B. More than unity C. Less than unity D. Equal to unity

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