Question # 1

After achieving point of Satiation the total utility starts

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Rising

Declining

Remains constant

None of these

In case of horizontal supply curve, Es is:

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Mero than unity

Less than unity

Zero

Infinite

"Quantity of goods and services which is consumed during a year is called national income". This definition of national income is stated by the economist

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Marshall

Pigou

Adam smith

Fisher

Which one of the following is not included in the methods of measuring national income

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Method of total according to market prices

Method of total of incomes

Method of total of domestic necessities and desires

Method of total expenditures

The term demand in economics means:

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Desire

Purchasing

Need

Both (a) and (b)

A firm gains normat profit, where:

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P=AC

P>AC

P<AC

AC>AR

According to quantity theory of money doubling the quantity of money, prices

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Increase

Double

Decrease

One half

Under monopoly, in the long run a firm

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Earns normal profit

Earns abnormal profit

Bears minimum loss

Bears abnormal loss

Theory of innovations was presented by:

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Joseph Schumpeter

Habson Foster

Jevons

J.R Hicks

That particular price below which price the seller is not ready to sell his commodity, is called

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Market price

Normal price

Reserve price

All the three

Writing of the same behavior of the people in particular arrangement and words is called

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Normative science

Positive science

Economic law

Scientific law

New classical economist is

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Robbins

Malthus

Marshall

Adam Smith

One of the following is not assumption of law of diminishing marginal utility

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Same nature of the commodity

Consumption of the commodity with intervals

Suitable quantity of the commodity

No change in consumers mental condition

The goods which can be used in place of each other, are called

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Complimentary goods

Substitute goods

Alternative goods

Jointly demanded goods

Inflation can be controlled by:

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Fiscal policy

Monetary policy

Trade policy

Both a and b

One of the following is a fixed capital:

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Raw material

Machinery

Saving certificate

None of these

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