Question # 1

When supply increases due to rise price, it is called:

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Fall in supply

Contraction in supply

Expansion in supply

Rise in supply

"Public finance is that branch of economics which studies the revenue and expenditures of governments institutions, their inter-relationship and financial administration"
This definition is stated by

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Bastable

Armitage Smith

Marshall

Pigou

To determine consumer's equilibrium, professor Marshall got help from the law

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Law of diminishing marginal utility

Law of equi marginal utility

Law of demand

Law of constant return

Curve of law of diminishing marginal utility

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Moves from left to right downward

Moves from left to right upward

Firstly it has a tendency to rise up and after a certain limit it starts falling

It is parallel to ox-axis

When there are small and minor changes in price and demand then

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Price elasticity

Income elasticity

Cross elasticity

Point elasticity

When after the observation and analysis of the conditions, they are stated as they are, is called

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Normative science

Positive science

Vegetation science

Science of Prediction

Cheque is which kind of money:

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Credit money

Paper money

Standard money

Legal money

The money whose face value and intrinsic value are different

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Token money

Standard money

Legal money

Near money

Tractor, harvester, thrasher etc are the examples of factor of production

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Land

Labour

Capital

Organization

One of the following is invisible item of balance of payment

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Import of motor cars

Exports of cotton

Expenditure of passengers traveling by air

Private investment in foreign country

Utility attained by all the units of a commodity consumed

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Positive utility

Negative utility

Total utility

Marginal utility

According to which economist, it is difficult to find marginal product

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Robbins and Keynes

Marshall and pigou

Adam Smith and Mathuls

Taussing and Davenport

The period in which an economy comes back from prosperity to depression is called

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Recovery

Recession

Boom

Depression

After deducting direct tax from personal income, it is called

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National income

personal income

Disposable personal income

per capital income

According to law of supply which factor changes the supply

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cost of producton

price

climatic conditions

level of income

Which one is not condition of perfect competition

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Homogeneity of good

Difference in price of good

Large number of buyers and sellers

Perfect knowledge of market

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