Question # 1

Which one of the following public expenditures is related to transport

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Police

Defence

Railway

Public education

If price decreases but supply remains constant, it is called:

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Fall in supply

Contraction in supply

Expansion in supply

Rise in supply

Supply means

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total money of a specific producer

Number of buyers

quantity of goods offered for sale at different prices

purchasing power of quantity supplied

The price of non-economic want is always:

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Very high

Very Low

Negative

Zero

Short run cost curves are generally

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flatter

u shaped

saucer shaped

oval

A good thing in private finance

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Expenditures are equal to income

Expenditure are more than income

Income is more than expenditures

a and b both

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

Which thing of the following should be subtracted from gross national product to get net national product

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Direct taxes

Indirect taxes

Depreciation allowance

Income received from foreign country

The average duration of trade cycle is:

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Five years

Fifty years

Twenty years

Ten years

TU is maximum where MU of all goods is:

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Minimum

Maximum

Negative

Equal

Fourth factor of production is called

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Land

Labour

Capital

Organization

Net national product is found by

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Subtracting tax from gross national product

Subtracting transfer payments form gross national product

Subtracting depreciation allowance from gross national product

Subtracting subsidies from gross national product

Modern theory of trade cycles is presented by

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Prof Schumpeter

Prof Keynes

Prof Hawtrey

Prof Hicks and Samuelson

After subtracting depreciation allowance from gross national product is known

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National income

Net national product

Personal income

Gross domestic product

To derive economic laws deductive method was adopted by

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Classical school of thought

Neo classical school of thought

Historical school of thought

Modern school of thought

national income is found by

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Subtracting depreciation allowance from gross national product

Subtracting indirect taxes from net national product

Adding subsidies in net national product

Subtracting indirect taxes and adding subsidies in net national product

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