Question # 1

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

Which characteristic is not found in economic laws

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Not quantitative

Cannot be predicted

No punishment in case of going against law

Definite and universal

Who did present formula to measure Arc elasticity of demand

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Adam Smith

Marshall

Allen

Keynes

Meteorological theory of trade cycle was presented by:

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Joseph Schumpeter

Habson Foster

Jevons

Hawtray

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

Unit of account money in Pakistan is

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Rial

Rupee

Dollar

Pound

Organization means an individual or institution which with optimum factor combination

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Lays foundation of business always earning profit

Lays foundation of business but does not accept the responsibility of profit and loss

Lays foundation of business but accepts the responsibility of profit and loss

Serves as a manger in the business and receives remuneration

How many conditions of firm's equilibrium are there ?

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One

Two

Three

Four

Law of increasing return is more applicable in:

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Trade sector

Industrial sector

Agricultural sector

Power sector

Relationship of value of money with quantity of money is

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Direct

Indirect

Inverse

Positive

The income which a person can use according to his will is called

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Personal income

Disposable personal income

Net income

Per capita income

"Public finance deals with governments revenue and expenditure and it studies how government maintains balance between its revenue and expenditures"
This definition is stead by

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Dalton

Armitage Smith

Bastable

pigou

One of the following is non economic want:

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Car

Bike

Fan

Self respect

Average cost curve is in short run

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Negative sloped

U-shaped

L-shaped

Positive sloped

Number of beneficiaries of Zakat is stated in the holy Quran

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Five

Seven

Eight

Nine

The money whose face value and intrinsic value are different

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Token money

Standard money

Legal money

Near money

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