Question # 1

In the long run monopolist earns profit:

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Normal

Abnormal

Super normal

Both b and c

Equilibrium means

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the condition that is not possible

an unstable condition

a condition that can change

stable position

Which one of the following is not included in the methods of measuring national income

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Method of total according to market prices

Method of total of incomes

Method of total of domestic necessities and desires

Method of total expenditures

Who did name Economics as the science of mammon worship and dismal science

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Marshall

Keynes

John Ruskin & Carlyle

Pigou

The best definition of money is stated by

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Marhsall

Crowther

Keynes

Walker

Other name of law of equi marginal utility is

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Law of diminishing marginal utility

Law of demand

Law of constant return

Law of indifference

Balance of payment of a country is favourable when its

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Receipts are more than payments

Receipts are less than payments

Receipts are equal to payments

None of three

If every person pays tax according to his capacity, it is called

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Canon of certainly

Canon of equality

Canon of productivity

Canon of convenience

According to the law of supply, there is relation in price and supply

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Inverse

Increasing

Negative

indirect

Other things remaining the same, marginal utility of a commodity diminishes with its continuous consumption. This law is called

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Law of diminishing marginal utility

Law of equi marginal utility

Law of demand

Law of decreasing return

If income of the government is more than its expenditures, such budget is called

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Surplus budget

Deficit budget

Balanced budget

Capital budget

Firm earns abnormal profit, when

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AC=AR

AR>AC

AR<AC

AC=MC

Slope of marginal utility curve is

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Positive

Negative

Vertical

Horizontal

Wages of permanent labourers are:

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Fixed cost

Marginal cost

Total cost

Variable cost

In balance of payment are included

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Visible items

Invisible items

Visible and invisible items

Material items

The paper notes which can not be converted in gold, silver, or foreign exchange, are called

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Standard money

Convertible paper money

Inconvertible paper money

Legal tender money

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