Question # 1

Inflation can be controlled by:

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Fiscal policy

Monetary policy

Trade policy

Both a and b

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

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Wages

Rents and interests

Profits

All the three

The duty of a market is not to

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make exchange of goods

contact buyers and sellers

determine price

give maximum output

Market value of all final goods and services is known as:

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N.I

G.N.P

N.N.P

Both a and b

Wages of temporary labourers are

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Fixed cost

Marginal cost

Total cost

Variable cost

Laws cannot be predicted

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Scientific laws

Moral laws

Economic laws

Natural laws

When price decreases, supply

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Extends

Contracts

Becomes zero

Remains fixed

Total utility always:

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Decreases

1st increases then decreases

Maximum

Negative

If variable costs of a firm are covered partly under perfect competition, then that firm

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Will run with normal profit

Will run with abnormal profit

Will run with minimum loss

Will not continue its business and close down

Quantity supplied of a commodity extends because

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Population changes

Change occurs in assumtions of law of supply

Income of the entrepreneur increases

Price of the commodity increases

Expenditures of repair of machines are called

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Unproductive expenditures

Productive expenditures

Rewards

Depreciation allowance

Which kind of budget is better during the situation of inflation

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Deficit budget

Surplus budget

Balanced budget

Domestic budget

Demand for luxuries in

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Les elastic

More elastic

Perfectly elastic

Perfectly inelastic

If an entrepreneur does service, in economics it is called

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Organization

Discipline

Labour

Wage

When total revenue is maximum, marginal revenue is

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More

Less

Constant

Zero

The supply curve of Fish is

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More elastic

Less elastic

Inelastic

Infinite elastic

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