Question # 1

Comparative cost theory is also called

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Theory of comparison cost

Theory of specialization of cost

Theory of balanced cost

Theory of specialization of production

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

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Labour

Capital

Organization

Both (a) and (b)

Usher is levied on

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Cash amount

Goats and sheep

Trading goods

Agricultural production

When general price level increases due to increase in cost of production, it is known as ?

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Stagflation

Hyper inflation

Demand pull inflation

Cost push inflation

According to whom economist, National income is the name of the total of production of goods and services

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Adam smith

Marshall

Fisher

Pigou

Fourth factor of production is called

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Land

Labour

Capital

Organization

The salient features of trade cycle are:

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National in nature

International in nature

Domestic in nature

All of these

Convertible paper money is issued by

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Central bank

Commercial bank

Industrial bank

Central government

If demand changes by 10% due to 10% change in price, then elasticity of demand is called

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Equal to unity

More than unity

Less than unity

Infinite

Elasticity of demand for the commodities which have substitutes, is

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More elastic

Less elastic

Infinite

Zero

Total utility increases when marginal utility is

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Positive

Negative

Zero

Minimum

The price at which quantity demanded and supplied are equal

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Equilibrium price

Reserve price

Fixed price

Variable price

If supply of a commodity changes by 10% due to 10% change in its price, then elasticity of supply will be

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Equal to unity

More than unity

Less than unity

Zero

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

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

When Ac is rising:

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AC = MC

MC > AC

MC < AC

Both (b) and (c)

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