Question # 1

Walker, senior and Malthus belonged to school of thought

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Classical

Neo classical

Keynesian

None of these

If 30% change in supply in response to 50% change in price then:

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Es = 0

Es = 1

Es > 1

Es < 1

Which factor is oldest and basic factor of production

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Land

Labour

Capital

Organization

Capital goods are those which can satisfy human wants:

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Directly

Indirectly

Proportionate

None of these

Marginal productivity theory was presented by

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Adam Smith and Malthus

Marshall and J.B Clark

Robbins and Keyness

Pigou and Cannon

When total utility is increasing marginal utility is

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Zero

Positive

Negative

Maximum

Kinds of public expenditures are

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Two

Three

Four

Five

Cheque, bill of exchange etc are

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Metallic money

Paper money

Credit money

Near money

The income which a person can use according to his will called:

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Net income

Per capital income

Personal income

Disposable personal income

Government estimates its income and expenditures

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Monthly

Three monthly

Six monthly

Annual

In the long run firms mostly earn normal profit in:

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Perfect competition

Oliogopoly

Monopoly

Duopoly

The second name of law of constant return is

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Law of decreasing cost

Law of increasing cost

Law of cost

Law of constant cost

If supply does not change, then due to rise of demand

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity decreases

The record of visible and invisible items on international account is called

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Balance of payment

Balance of trade

Balance of budget

Capital account

The exchange of goods and services from country to country is called

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Foreign

National trade

Corporate trade

Domestic trade

Exceptions, or limitations of law of demand have been stated by

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Professor Marshall

Professor Adam Smith

Professor Benham

Professor Robbins

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