Question # 1

If total expenditure decrease with the rise in prices elasticity of demand will be:

Equal to unity

Less than unity

Greater than unity

Equal to zero

The other name of law of diminishing return is:

Law of supply

Law of diminishing marginal utility

Law of demand

Law of increasing cost

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

Per-capita income

Net national income

Personal income

Gross national product

Who described Economies as a science of wealth:

Piguo

Adam Smith

Robbins

Marshall

During 2005-06, the construction sector contributed 9.2 percent to GNP and the share of fishing was:

9.2percent

4.4percent

1.9percent

-3.6percent

Inflation will be useful for:

Labourers

Industrialist

Consumers

Pensioners

NAT II Management Science Economy MCQs With Answers