Question # 1

Welfare economics is the branch of economics which deals with:

Positive issues

Normative issues

Micro issues

Macro issues

The other name of law of diminishing return is:

Law of supply

Law of diminishing marginal utility

Law of demand

Law of increasing cost

Which of the following economists came up with a theory regarding the tradeoff between unemployment and inflation?

A.W. Phillips

John Maynard Keynes

Joseph Schumpeter

Milton Friedman

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

Service

Cost

Utility

None

The quality of a commodity which satisfies the human wants:

Usefulness

Loss

Utility

Return

A tax on the accounting profits of corporations is known as:

Sales tax

Excise tax

Corporate income tax

Personal income tax

NAT II Management Science Economy MCQs With Answers