Question # 1

"The nature and significance of economic sciences" was written by:

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Adam smith

Marshall

Robbins

Canon

Equation of relationship between quantity of money and value of money, MV=PT is presented by the economist

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Prof Taussing

Prof Fisher

Prof Crowther

Prof Marshall

What is meant by demand for a commodity in economics

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To desire for a commodity

To have power to buy

To have power to buy a commodity with desire

Quantity of a commodity

When no satisfaction is attained by the consumption of a commodity, its marginal utility is

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Zero

Positive

Negative

Minimum

Which economist said that, economics cannot be separated from spiritual values?

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Marshall

Robbins

Adam smith

Voton

Fourth factor of production is called

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Land

Labour

Capital

Organization

If total expenditure of the consumer decreases due to increase 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

"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

A slight change in demand and price is called:

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Point Elasticity of demand

ArcElasticity of demand

CrossElasticity of demand

PriceElasticity of demand

Which side of life of human being is analysed in economics

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Political

Social

Economic

Moral

In private finance the individuals estimate their income and expenditures

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Daily

Weekly

Monthly

Yearly

Long run average cost curve is:

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Planning curve

Envelope curve

Flatter curve

All of three

If elasticity of supply is equal to unity then extending supply curve downward, it passes through or crosses

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y-axis

x-axis

Point of origin

Becomes vertical

When marginal utility is positive, total utility

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Goes on decreasing

Goes on increasing

Does not change

Is zero

Factors of production are more mobile

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In international trade

In the country

In both

In none

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

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