Question # 1

The record of visible and invisible items on international account is called

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Balance of payment

Balance of trade

Balance of budget

Capital account

Demand for good like Television and VCR is

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Less elastic

More elastic

Perfectly inelastic

Infinitely elastic

Which phase starts with the increase in expected rate of profit

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Depression

Recovery

Boom

Recession

Fixed cost consists of:

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Rent

Salaries

Interest

All of them

If the rate of change in price and quantity demand is in equal ratio, then Elasticity of demand is:

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Equal to zero

Equal to one

Smaller than one

Greater than one

If demand curve is parallel to y-axis, then elasticity of demand is

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Equal to unity

More than unity

Less than unity

Zero

Quantity supplied of a commodity extends because

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Population changes

Change occurs in assumtions of law of supply

Income of the entrepreneur increases

Price of the commodity increases

According to Prof. Jugglar a trade cycle comletes in

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Five to six years

Nine to ten years

Ten to eleven years

Eleven to twelve years

Income and employment are at peak level during:

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Recovery

Boom

Depression

Recession

Cannot be separated from labourer

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Land

Labour

Capital

Organization

Which economist introduced economics as a science for the first time

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Adam Smith

Robbins

Marshall

Pigou

If 30% change in supply in response to 50% change in price then:

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Es = 0

Es = 1

Es > 1

Es < 1

The base of international trade theory of Devid Ricardo is

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Absolute advantage

Comparative cost

Cheaper cost

Low cost

Utility attained by all the units of a commodity consumed

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Positive utility

Negative utility

Total utility

Marginal utility

Founder of modern school of thought:

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Adam smith

Marshall

Ricardo

Robbins

One of the following is not fiscal measure to control inflation

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Decrease in public expenditures

Increase in taxes

Encouragement of savings

Increase in investment

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