Question # 1

Walker, senior and Malthus belonged to school of thought

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Classical

Neo classical

Keynesian

None of these

Fourth factor of production is called

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Land

Labour

Capital

Organization

Demand for the goods which have different uses, is

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More elastic

Less elastic

Infinity

Zero elastic

On which of the following law of diminishing marginal utility is applicable

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Money and wealth

Historical articles

Normal goods of need

Narcotics

According to classical theory of international trade, a country imports those goods from the other country which

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Are durable

Are standardised

Are produced comparatively at high cost

Are not produced in that country

The rate of change in Qd due to change in price is called:

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Rise in demand

Income Elasticity of demand

Price Elasticity of demand

Cross Elasticity of demand

One of the following is not included in explicit cost

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Wages of labourers

Reward of entrepreneur's personal labour

Price of raw material

Interest of capital

When there is a very small change in demand and price of a commodity, it is called

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Point elasticity

Arc elasticity

Cross elasticity

Income elasticity

Quantity of a commodity which a person is ready to purchase at a particular price, is called

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Individual demand

Market demand

Supply

Market Supply

By which money business dealing has become easy

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Metalic money

Paper money

Credit money

Near money

A firm is in equilibrium when its

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Marginal revenue is equal to marginal cost

Marginal revenue is more than marginal cost

Marginal revenue is less than marginal cost

Marginal revenue is equal to average cost

At last, indirect tax is paid by

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Shopkeeper

Entrepreneur

Customer

Whole-seller

The term "inflation" means:

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Rapid increase in price level

Decrease in price level

General increase in price level

Both a and c

Law of increasing return is more applicable in:

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Trade sector

Industrial sector

Agricultural sector

Power sector

After achieving point of Satiation the total utility starts

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Rising

Declining

Remains constant

None of these

Which is not included in variable cost

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price of raw material

Advertisement expenditures

rent of builiding

wages of labour

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