Online Test Information

Question # 1

Income elasticity show the relationship between:

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

Question # 2

Which Economists presented the law of diminishing marginal utility:

Robbins A
Malthus B
Adam Smith C
Marshall D

Question # 3

According to law of diminishing marginal utility the marginal utility:

Increases A
Remains constant B
Diminishes C
Negative D

Question # 4

The supply of perishable goods is:

Fixed A
Variable B
Minor change C
Zero D

Question # 5

Canons of taxation describes

Marshall A
Keynes B
Robbins C
Adam Smith D

Question # 6

Phases of trade cycle are:

One A
Three B
Two C
Four D

Question # 7

Slope of demand curve is:

Negative A
Zero B
Positive C
Fixed D

Question # 8

Personal income includes:

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

Question # 9

Reward for labour is:

Interest A
Wages B
Profit C
Rent D

Question # 10

It is a Federal Tax:

Excise duty A
Local tax B
Property tax C
None D

Question # 11

How many methods can be used for cultivation

One A
Two B
Three C
Four D

Question # 12

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 # 13

Who described Economics as a scienece of wealth:

Piguo A
Adam Smith B
Robbins C
Marshall D

Question # 14

The elasticity of demand of durable good is:

More than unity A
Equal to unity B
Less than unity C
Zero D

Question # 15

The unity method of elasticity of demand was presented by:

Adam Smith A
Marshall B
J.R Hicks C
Pigeou D

Question # 16

National income period is

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

Question # 17

Inflation on prices:

Decrease A
Remains constant B
Increase C
Become zero D

Question # 18

International trade has the benefits

One A
Three B
Two C
Unlimited D

Question # 19

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

NNI A
DPI B
NDI C
GNP D

Question # 20

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

Sr.#	Question	Answer
1	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
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	Reward for labour is:	A. Interest B. Wages C. Profit D. Rent
4	What is deducted from GNP to find GDP.	A. Depreciation allowance B. Net income received from abroad C. Indirect tax D. Transfer payments
5	Who criticized Prof.Robbin's definition?	A. Marshall,J.B B. Beveridge C. Clark D. Pigeou
6	Which economist presented the Cardinal Theory of Utility:	A. Marshall B. Canon C. Kroose D. J.B Say
7	According to law of increasing return marginal product:	A. Increases B. Decreases C. Remains constant D. None of these
8	Factors of production are:	A. One B. Three C. Two D. Four
9	Who wrote The Nature and Significance of Economics"	A. Adam simth B. Marshall C. Robbins D. Keynes
10	How many methods can be used for cultivation	A. One B. Two C. Three D. Four

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