Question # 1

According to professor Ackley Gardener, amounts are included in national income

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Wages

Rents and interests

Profits

All the three

What can a firm do in the short run

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Firm can increase its plants

Firm can expand its building

New firm can not enter the business

New firm can enter the business

If demand does not change, then due to rise of supply

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity decreases

Laws of returns are also known as:

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Laws of substitution

Laws of consumption

Laws of cost

All of three

The money whose face value and intrinsic value are different

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Token money

Standard money

Legal money

Near money

Reward of capital is called

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Rent

Wage

Interest

Profit

Deductive method of economic study.

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Systematic

General to particular

Universal to particular

Both (b) and (c)

If supply decreases due to decrease in price, it is called

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Extension of supply

Contraction of supply

Rise of supply

Fall of supply

Supply curve slope is:

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Positive

Vertical

Negative

Horizontal

Cause of positive slope of supply curve

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Change in cost of production

Fear of increase in cost of production and decrease in profit

Change in technique of production

Increase in per unit profit due to increase in price

Which money is not legally backed

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Metallic money

Paper money

Credit money

Near money

Another name of unitary method is

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Total satisfiaction method

Total expenditure method

Total revenue method

Both 2nd and 3rd

Shape of market supply curve is

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Horizontal or parallel to ox curve

Vertical or parallel to oy curve

Positively sloping

Negatively sloping

Under monopoly, number of firms is

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Large

Few

One

Two

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

Supply curve shifts due to better technique of production

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Rightward

Leftward

Does not change

Vertical

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