Question # 1

Innovation theory is presented by

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Prof Kegnes

Prof Schumpeter

Prof Hicks

Prof Foster

Comparative cost theory is also called

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Theory of comparison cost

Theory of specialization of cost

Theory of balanced cost

Theory of specialization of production

Supply is Fixed of:

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Perishable goods

Free goods

Durable goods

Substitute goods

The paper notes which can not be converted in gold, silver, or foreign exchange, are called

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Standard money

Convertible paper money

Inconvertible paper money

Legal tender money

Transfer payment means that income

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Which can move from one place to order place i.g. money etc.

Which is received without labour, e.g. Zakat, gift , pension etc

Which is received after hardwork

Which is received by exports

When after the observation and analysis of the conditions, they are stated as they are, is called

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Normative science

Positive science

Vegetation science

Science of Prediction

According to law of diminishing marginal utility, Utility of every new (Additional) unit of commodity

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Increases

Decreases

Remains constant

None of these

Tractor, harvester, thrasher etc are the examples of factor of production

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Land

Labour

Capital

Organization

Production of a commodity depends upon four factors of production i.e. land, labour, capital and organization

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According to classical economists

According to Neo classical economists

According to modern economists

According to Austrian school of thought

According to whom economist, National income is the name of the total of production of goods and services

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Adam smith

Marshall

Fisher

Pigou

According to neo classical approach, output is the function of:

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Labour

Capital

Organization

Both (a) and (b)

national income is found by

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Subtracting depreciation allowance from gross national product

Subtracting indirect taxes from net national product

Adding subsidies in net national product

Subtracting indirect taxes and adding subsidies in net national product

Demand for luxuries goods is:

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Perfectly elastic

Less elastic

Perfectly inelastic

More elastic

Which economist explained the absolute difference of cost of two good between two countries

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Malthus

Adam Smith

Ricardo

J.S Mill

One of the following is not the assumption of quantity theory of money

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Velocity of circulation of legal money should not change

Velocity of Circulation of credit money should not change

Quantity of hoardings should not change

Quantity of goods and services should go on changing

Which money is not legally backed

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Metallic money

Paper money

Credit money

Near money

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