Question # 1

Who said that economics is science of unlimited wants and limited means

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Adam Smith

Marshall

Pigou

Robbins

The science in which conditions and incidents are checked from a particular point of view, is called

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Positive science

Normative science

Social science

All of three

When marginal utility is negative, total utility:

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Decreases

Increases

Does not change

Negative

Which one of the following is included in balance of payment

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Visible goods

Invisible goods

Visible & invisible goods

Non material goods

Economics is a science

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Political

Spiritual

Social

Scientific

If supply rises more proportionately than that of demand, then

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity decreases

Methods of deriving economic laws are

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Two

Three

Four

Five

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

One of the following is not land:

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White house

Sub continents

Power house

Both (a) and (b)

Writing of the same behavior of the people in particular arrangement and words is called

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Normative science

Positive science

Economic law

Scientific law

Other tern used for demand for factor is:

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Initial demand

derived demand

Direct demand

Cross demand

During boom, a government prepares budget which is

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Balanced

Surplus

Deficit

Unbalanced

If demand did not influence by the charge in price, that is called:

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Elasticity of demand = 1

Elasticity of demand < 1

Elasticity of demand > 1

Elasticity of demand = 0

If the equation is this, MC=MR=AR(P)<AC then the firm

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Earns normal profit

Earns abnormal profit

Bears loss

Bears abnormal loss

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

If two goods are substitute, cross Elasticity of demand will be:

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Zero

Infinite

Positive

Negative

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