Question # 1

One of the following precautions is not included in measurement of national income by product method

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To subtract depreciation allowance

To subtract indirect taxes

Not to include transfer payments

To include subsidies

When production of a firm increases then total variable costs

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Decrease

Increase

Remain constant

Do not change

In the long run monopolist earns profit:

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Normal

Abnormal

Super normal

Both b and c

Factor of production which is used to earn more income, is called

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Land

Labour

Capital

Organization

If demand does not change, despite a fall in price, is called

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Fall of demand

Rise of demand

Contraction of demand

Extension of demand

This paper notes which can be converted into gold, silver or foreign exchange are called

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Standard money

Unlimited legal tender money

Convertible paper money

Inconvertible paper money

The kind of market, in which a single firm produces a single commodity which has no close substitute

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Monopoly

Duopoly

Oligopoly

Perfect competition

Degree of change in quantity supplied due to change in price is called

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Extension of supply

Rise of supply

Elasticity of supply

None of three

Which one factor is free gift of nature ?

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Land

Labour

Capital

Organization

The purchasing power of money is called

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value of money

Medium of exhange

quantity of money

credit money

Slope of average revenue and marginal revenue cures under monopoly is

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positive

negative

zero

none of three

Stock means the quantity of a commodity

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Which is offered for sale in the market

Which is sold in the market

Total production is called stock

Which the seller keeps in his possession without selling

Economics is a science

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Political

Spiritual

Social

Scientific

Marginal revenue product is the amount of money attained by selling

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Average product

Marginal product

Total product

None of these

Who did write the book named "Principles of Economics" was written

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Adam smith

Marshall

Robbins

Cannon

Quantity theory of money was introduced in an equation by:

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Fisher

Marshall

Crowther

Tausigg

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