Question # 1

Economics is a science

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Political

Spiritual

Social

Scientific

Main elements of circular flow of national income are

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People or house holds

Firms

House holds and firms

Industrial lists

The equilibrium of the market is that demand and supply to each other are

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opposite

positive

equal

negative

If demand is not influenced by the changes in price, elasticity of demand will be

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Equal to unity

More than unity

Less than unity

Zero

Increasing function of price is

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Demand

Supply

Utility

Cosnsumption

Which characteristic is not found in economic laws

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Not quantitative

Cannot be predicted

No punishment in case of going against law

Definite and universal

If in a production sector, along with the fixed factor of production, by increasing units of variable factors, marginal product remains constant, this tendency in economics is called

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Law of increasing return

Law of constant return

Law of decreasing return

Law of production

The most appropriate definition of money was given by:

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F.A.Walker

Keynes

Pigou

Crowther

Which factor is oldest and basic factor of production

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Land

Labour

Capital

Organization

A textile mill produces 2000 meters cloth. Entrepreneur offers 1500 meters cloth to sell at price Rs 100 per meter and 500 meters cloth keeps with him. Cloth kept by the entrepreneur is called

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Total production

Supply

Stock

Surplus production

To derive economic laws deductive method was adopted by

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Classical school of thought

Neo classical school of thought

Historical school of thought

Modern school of thought

To increase profit a firm minimizes

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Revenues

Costs

Demand

Supply

Firm's cost depends upon:

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Revenue

Supply

Price

Output

Under consumption or over saving theory is presented by

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Prof Hobson, Foster and Catchings

Prof Hawtrey

Prof Keynes

Prof Jevons

The expected rate of profit from a business is known as:

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Multiplier

Accelerator

Marginal efficiency of capital

Both a and b

Quantity theory of money in the form of an equation was presented by

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Prof Fisher

Prof Taussig

Prof Marshall

Prof Renald

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