Question # 1

The elasticity of demand of durable goods is:

Zero

More than unity

Less than unity

Equal to unity

The other name of law of diminishing return is:

Law of supply

Law of diminishing marginal utility

Law of demand

Law of increasing cost

What is deducted from GNP to find GDP:

Depreciation allowance

Net income received from abroad

Indirect as

Transfer payments

In 2005-06, the crop area of cotton was 3,096 thousand hectares and the crop area of rice was:

2,620

982

8,303

4,702

Who is the writer of Wealth of Nation?

Marshall

Adam Smith

Robbins

Keynes

In 2005-06 the real GDP growth of USA was 3.5 percent, of China 9.9 percent, Japan 2.7 percent, India 8.0 percent and of Pakistan was:

6.6 percent

1.6 percent

4.6 percent

5.0 percent

NAT II Management Science Economy MCQs With Answers