Question # 1

Price of raw material, wages of temporary labourers, transport costs etc,are called

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Fixed costs

Variable costs

Marginal cost

Total cost

If an entrepreneur does service, in economics it is called

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Organization

Discipline

Labour

Wage

Who did say that Economics is science of material welfare

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Adam smith

Marshall

Ricardo

Robbins

Quantity supplied of a commodity extends because

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Population changes

Change occurs in assumtions of law of supply

Income of the entrepreneur increases

Price of the commodity increases

Which one is increasing function of price

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Demand

Supply

Utility

Consumption

Which of the following stated that utility is measurable

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Marshall

Adam Smith

Robbins

Keynes

Difference between total revenue and total cost presents:

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Price

Profit

Production

Loss

If total expenditure of the consumer increases due to decrease in price, then nature of elasticity of demand will be

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Equal to unity

Less than unity

More than unity

Elasticity of demand = zero

To increase profit a firm minimises

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revenues

costs

demand

supply

Want of a commodity is satisfied, when its marginal utility is

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Positive

Zero

Negative

Minimum

Monopolist firm in the long run

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Always faces loss

Usually faces loss

Usually earns normal profit

Always earns abnormal profit

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 rate change in total cost is:

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TR

MC

MR

TC

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 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

The percentage part of the agricultural produce is payable as Zakat which is irrigated by artificial sources

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5%

10%

15%

20%

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