Question # 1

Deductive method of deriving economic laws

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We move from general conditions to particular conditions

We move from particular conditions to general conditions

Stated in general way

Different incidents are kept in view

Walker, senior and Malthus belonged to school of thought

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Classical

Neo classical

Keynesian

None of these

Demand for good like Television and VCR is

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Less elastic

More elastic

Perfectly inelastic

Infinitely elastic

Income and employment are at peak level during:

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Recovery

Boom

Depression

Recession

What is the reward of Organization ?

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Rent

Wage

Interest

Profit

The main cause of using the Cheque as money is

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They are proved as receipt

Most of the people accept them

Protection of money

Easy in transportation

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

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y-axis

x-axis

Point of origin

Becomes vertical

During the phase of recovery prices, wages, interest rate and profits

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Start falling gradually

Start rising gradually

are highest

are lowest

The most appropriate definition of money was given by:

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F.A.Walker

Keynes

Pigou

Crowther

Because of devaluation of currency of a country, its exports

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Decrease

Increase

Remains constant

Go on changing

Modern theory of trade cycles is presented by

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Prof Schumpeter

Prof Keynes

Prof Hawtrey

Prof Hicks and Samuelson

Which one of the following is included in balance of trade

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Visible goods

Invisible goods

Visible & invisible goods

All the three

Cause of positive slope of supply curve

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Change in cost of production

Fear of increase in cost of production and decrease in profit

Change in technique of production

Increase in per unit profit due to increase in price

Supply curve slope is:

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Positive

Vertical

Negative

Horizontal

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

During depression

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Employment increases

Prices decrease

Profit increases

Prices increase

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