Question # 1

Inflation can be controlled by:

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Fiscal policy

Monetary policy

Trade policy

Both a and b

If the income and expenditures of the government are equal, such budget is called

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Surplus budget

Deficit budget

Balanced budget

Capital budget

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

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Average fixed cost

Average variable cost

Average cost

Marginal cost

One of the following is non economic want:

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Car

Bike

Fan

Self respect

Unity method to measure elasticity of demand was presented by

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Adam smith

Robbins

Marshall

Keynes

Market value of all final goods and services is known as:

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N.I

G.N.P

N.N.P

Both a and b

During inflation prices are

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Zero

Low

Increase

Constant

The percentage part of the agricultural produce is payable as Zakat which is irrigated by natural water

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5%

10%

15%

20%

Human wants are:

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Limited

Unlimited

Re-appear

Both (b) and (c)

The conditions which are essentially kept constant for the application of economic laws, are called

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Changes

Assumptions

Limitations

Theories

When total utility is increasing marginal utility is

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Zero

Positive

Negative

Maximum

One of the following is not included in the characteristics of labour

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Labour and labourer cannot be separated

Labour can be stored

Labour has limited mobility

Supply of labour is inelastic

Quantity of a commodity offered for sale in a market at a certain price during a given period of time, is called

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Stock

Demand

Supply

Quantity demanded

In a production process, when units of variable factors along with fixed factor of production are increased, marginal cost goes on rising, this tendency in economics is called

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Law of decreasing cost

Law of constant cost

Law of increasing cost

Law of increasing return

Economic law are made by:

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Govt.

Courts

Parliament

Behaviour of the people

According to which economist some trade cycles complete their cycle during a period of fifty years or sixty years

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Prof Kitchen

Prof Jugglar

Prof Pigou

Prof Kondratieff

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