Question # 1

Applied on agriculture immediately

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Law of increasing return

Law of substitution

Law of decreasing return

Law of decreasing cost

Economics is a science:

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Political

Spiritual

Social

Scientific

When marginal product remains positive, total product

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Goes on decreasing

Goes in increasing

Becomes negative

Does not change

There exists a relationship between inflation and deflation

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Increasing

Inverse

Indirect

None of three

The unit of money by which the value of goods and services is expressed is called

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Paper money

Money of account

Legal tender money

Near money

Expenditures of repair of machines are called

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Unproductive expenditures

Productive expenditures

Rewards

Depreciation allowance

Supply of goods depends on

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price

income

income and price

utility

In order to improve the balance of payment the foremost try is to increase

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Imports

Exports

Production

Savings

Law of increasing return is also known as:

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Increasing cost

Constant cost

Diminishing cost

Both (a) and (c)

In which kind of economics, aggregate behaviors of the economy are reviewed

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Theoretical

Applied

Micro

Macro

In comparative cost or comparative advantage theory, ratio is

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1x1 one good one country

2x2 two goods two countries

1x2 one good two countries

2x1 two goods one country

Third factor of production is called

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land

labour

capital

organization

If demand changes by 10% due to 10% change in price, then elasticity of demand is called

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Equal to unity

More than unity

Less than unity

Infinite

Which laws are framed by parliament

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State laws

Moral laws

Economic laws

Scientific laws

Deductive method of deriving economic laws

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We move from general conditions to particular conditions

We move from particular conditions to general conditions

Stated in general way

Different incidents are kept in view

Transfer payment means:

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Rent transfer

Wages transfer

Reward without services

Profit transfer

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