Question # 1

According to which economist, duration of a trade cycle is 9 to 10 years

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Prof Kitchen

Prof Jugglar

Prof Pigou

Prof Kondratieff

One of the following is not included in explicit cost

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Wages of labourers

Reward of entrepreneur's personal labour

Price of raw material

Interest of capital

Equilibrium price is determined in.

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Perfect market

Imperfect market

Monopoly

None of these

The decreasing part of TU curve shows:

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MU is zero

MU is negative

MU is increasing

MU is decreasing

Of what nature state laws are

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Local

Regional

National

International

Functions of money are

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Medium of exchange

Common measure of value

Store of value

All the three

Cause of shifting of supply curve is

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Change in price

Other factors

Change in tax

Change in income

When there are small and minor changes in price and demand then

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Price elasticity

Income elasticity

Cross elasticity

Point elasticity

After achieving point of Satiation the total utility starts

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Rising

Declining

Remains constant

None of these

When price decreases, supply

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Extends

Contracts

Becomes zero

Remains fixed

Which one of the following does not exist during deflation

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Production decreases

Value of money increases

Supply of goods and services increases from their demand

Level of employment increases

Movement on the same demand curve is called:

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Increase is demand

Rise and fall in demand

Decrease in demand

Expansions and contraction in demand

To determine consumer's equilibrium, professor Marshall got help from the law

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Law of diminishing marginal utility

Law of equi marginal utility

Law of demand

Law of constant return

Wages of permanent labourers are:

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Fixed cost

Marginal cost

Total cost

Variable cost

Dividing total variable costs by the units of output, is attained

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Average fixed cost

Average variable cost

Average cost

Marginal cost

The supply curve of Fish is

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More elastic

Less elastic

Inelastic

Infinite elastic

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