Question # 1

Elasticity of supply if perishable goods is

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Equal to unity

More than unity

Less than unity

Zero

Propounder of economics was

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Robbins

Marshall

Adam smith

Keynes

Unity method to measure elasticity of demand was presented by

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Adam smith

Robbins

Marshall

Keynes

When demand increases due to change in other factors it is known as:

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Contraction in demand

Expansion and contraction in demand

Expansion in demand

Rise in demand

The money whose face value and intrinsic value are different

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Token money

Standard money

Legal money

Near money

A firm gains normat profit, where:

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P=AC

P>AC

P<AC

AC>AR

According to law of diminishing marginal utility, Utility of every new (Additional) unit of commodity

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Increases

Decreases

Remains constant

None of these

When demand curve shifts leftward (or downward), it is called

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Rise of demand

Fall of demand

Extension of demand

Contraction of demand

International trade is based on the following except

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Different factors of production are required for the production of different goods

Factors of production exist in different ratios in different countries

Factors of production are in abundant quantity in different countries

Factors of production are in limited quantity in different countries

In law of constant return, marginal product

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Increases

Decreases

Remains constant

Remains changing

If the face value of a coin is equal to the value of metal used in:

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Legal money

Token money

Standard money

Both b and c

In balance of payment are included

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Visible items

Invisible items

Visible and invisible items

Material items

The duty of a market is not to

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make exchange of goods

contact buyers and sellers

determine price

give maximum output

Economy gets prosperity during

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Recession

Depression

Boom

Recovery

In macro economics, what kind of problems can be discussed

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International trade

Consumers behavior

Problems of a firm

Determination of price

If a person does not pay the amount of the tax from his own pocked on whom it is levied rather shifts its barden on some other person, then it is called

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Direct tax

Indirect tax

Proportional tax

Progressive tax

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