Question # 1

Shut down point appears, when

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AVC=AR

AVC>AR

AVC<AR

AC=AR

Which thing of the following should be subtracted from gross national product to get net national product

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Direct taxes

Indirect taxes

Depreciation allowance

Income received from foreign country

In which phase of a trade cycle production, employment, wages and rate of interest etc start rising gradually

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Boom

Depression

Recovery

Recession

Cause of positive slope of supply curve

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Change in cost of production

Fear of increase in cost of production and decrease in profit

Change in technique of production

Increase in per unit profit due to increase in price

When after the observation and analysis of the conditions, they are stated as they are, is called

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Normative science

Positive science

Vegetation science

Science of Prediction

Equation of relationship between quantity of money and value of money, MV=PT is presented by the economist

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Prof Taussing

Prof Fisher

Prof Crowther

Prof Marshall

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

Which of the following stated that utility is measurable

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Marshall

Adam Smith

Robbins

Keynes

If there is slight change in price and demand, it is called

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Arc elasticity

Point elasticity

Income elasticity

Cross elasticity

Net National product is equal to

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GNP + Depreciation expenditure

GDP + Depreciation expenditure

GNP - Depreciation expenditure

GDP - Depreciation expenditure

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

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Extension of supply

Contraction of supply

Rise of supply

Fall of supply

Who said that economics is positive science

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Adam Smith

Marshall

Robbins

Keynes

Inductive method represents:

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General to particular

Particular to general

Normative science

Economic planning

Which one of the following is included in balance of payment

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Visible goods

Invisible goods

Visible & invisible goods

Non material goods

Government estimates its income and expenditures

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Monthly

Three monthly

Six monthly

Annual

Who did present unity method to measure elasticity of demand

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Adam Smith

Marshall

Robbins

keynes

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