Question # 1

According to neo classical approach, output is the function of:

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Labour

Capital

Organization

Both (a) and (b)

Firms equilibrium is at that point where

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MC=AR

MC=MR

MC=AVC

MC=AC

If demand did not influence by the charge in price, that is called:

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Elasticity of demand = 1

Elasticity of demand < 1

Elasticity of demand > 1

Elasticity of demand = 0

The non-material activities which have the ability to satisfy human wants indirectly, are called

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Goods

Services

Satisfaction

None of the three

If we deduct direct taxes from personal income, we get:

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NNP

GDP

DPI

PI

Which is not included in variable cost

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price of raw material

Advertisement expenditures

rent of builiding

wages of labour

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

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity decreases

"General theory of employment, interest and money" was written by:

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Robbins

Pigou

Keynes

Canon

Firm earns abnormal profit, when

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AC=AR

AR>AC

AR<AC

AC=MC

To measure national income is used

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Product method

Incomes of the factor method

Expenditure method

All the three

Who did name economics as science of satisfying unlimited wants with limited means

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Marshal

Adam Smith

Robbins

Pigou

When marginal utility is positive, total utility:

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Decreases

Increases

Zero

All of them

Income elasticity of demand is concerned with

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Income and consumption of wealth

Income and demand for good

Price and income of the consumer

Price and demand for good

Marginal productivity theory was presented by

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Adam Smith and Malthus

Marshall and J.B Clark

Robbins and Keyness

Pigou and Cannon

Laws of returns are also known as:

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Laws of substitution

Laws of consumption

Laws of cost

All of three

The decreasing part of TU curve shows:

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MU is zero

MU is negative

MU is increasing

MU is decreasing

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