Question # 1

Who did say that Economics is science of material welfare

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Adam smith

Marshall

Ricardo

Robbins

When AC is falling then:

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MC = AC

AVC = MC

MC > AC

MC < AC

Transfer payment means:

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Rent transfer

Wages transfer

Reward without services

Profit transfer

National income means the income

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Which central government earns during a year

Which provincial government earn during a year

Total wealth of a country

Rewards which the factors of production get during a year

Under Monopoly, a firm is in equilibrium position when Ed is:

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Equal to unity

Less than unity

Grater than unity

Both b and c

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

When supply changes due to other factors besides price, it is called

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Rise of supply

Fall of supply

Rise and fall of supply

Extension and contraction of supply

In which year Kenyens wrote his book "General theory of employment, interest and money

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1929

1931

1934

1936

Founder of neo-classical school of thought:

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Adam Smith

Marshall

Robbins

Keynes

If quantity demanded for a commodity changes due to the change in income, it is called

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Price elasticity

Point elasticity

Cross elasticity

Income elasticity

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

On which of the following law of diminishing marginal utility is applicable

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Money and wealth

Diamonds and jewels

Goods of fashion

Necessities of life

When total production decreases, marginal product is:

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Positive

Negative

Zero

Infinite

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

Quantity theory of money was introduced in an equation by:

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Fisher

Marshall

Crowther

Tausigg

If demand decreases by 5% due to 10% increase in Price, then elasticity of demand is

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Equal to unity

More than unity

Less than unity

Zero

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