Question # 1

The innovation theory of trade cycles was presented by

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Hayek

Hawtray

Schumpeter

Pigou

According to Marshall, Economics is

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Social Science

Correcting science

Positive science

Moral science

The second name of law of decreasing return is

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Law of increasing cost

Law of constant cost

Law of decreasing cost

Law of cost

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

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Personal income

Disposable personal income

Net income

Per capita income

Disposable personal income is equal to

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Personal income + direct taxes

Personal income + indirect taxes

Personal income + direct and indirect taxes

Personal income - direct taxes

One of the following is not included in labour

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Teaching of a teacher in a school

Working of a clerk in an office

To follow a case by a lawyer

To look after the child by his mother

Which kind of budget is better during the situation of inflation

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Deficit budget

Surplus budget

Balanced budget

Domestic budget

Consumer's equilibrium takes place at that point where:

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MU is negative

MU is positve

TU is maximum

MU is maximum

Wealth tax, income tax, property tax etc are

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Direct taxes

Indirect taxes

Proportional taxes

Progressive taxes

Short run cost curves are generally

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flatter

u shaped

saucer shaped

oval

Second factor of production is

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Land

Labour

Capital

Organization

Who said that you can not become good citizen if you have no economist with you

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Marshall

Pigou

Keynes

Voton

" International balance of payment is all that transaction for which either foreign exchange is spent or received." This definition is stated by

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Prof. Marshal

Prof.Samuelson

Prof. Ricardo

Prof. Hicks

After subtracting depreciation allowance from gross national product is known

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National income

Net national product

Personal income

Gross domestic product

Supply curve shifts due to better technique of production

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Rightward

Leftward

Does not change

Vertical

The formula of calculating total revenue is

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P x Q

P x AC

AC x Q

TC / Q

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