Question # 1

National income increases by

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The increase in the quantity of capital goods

The increase in the quantity of goods and services

The increase in price of goods

The increase in the income of entrepreneurs

The supply curve of Fish is

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More elastic

Less elastic

Inelastic

Infinite elastic

The additional cost which a firm has to bear in order to produce additional unit of output, are called

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Average cost

Marginal cost

Fixed costs

Variable costs

The second name of law of decreasing return is

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Law of increasing cost

Law of constant cost

Law of decreasing cost

Law of cost

Short run cost curves are generally

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flatter

u shaped

saucer shaped

oval

Disposable personal income means

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Total of incomes

Income of an industry after fulfilling all the needs

After paying personal taxes, income of the people who provide factors of production

Save income of a person after the payment of the taxes

MRP curve of a factor represents:

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Demand of factors

Supply of factors

Price of factors

Both a and c

Deductive method of economic study.

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Systematic

General to particular

Universal to particular

Both (b) and (c)

If income of government is more than its expenditures, then it is a

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Surplus budget

Deficit budget

Development budget

Balanced budget

Under monopoly, marginal revenue is _____ of output

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Decreasing function

Increasing function

Quadratic function

Cubic function

Subsidies means:

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Relief price to consumers

Relief in price to Producers

Surplus budget

Both a and b

Which is not studied in macro economics ?

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National income

Money and banking

Consumer's behavior

Public finance

Comparative cost theory was presented by

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Marshall

Ricardo

Hecksher

Ohlin

Elasticity of supply is the name of

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Change in price

Change in income

Feature of change in supply

Change in price and income

A firm gains abnormal profit, when:

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TR = TC

TR > TC

TR < TC

MC = MR

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

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