Question # 1

Which one of the following is indirect tax

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Income tax

Property tax

Wealth tax

Sales tax

To describe as it is, after seeing and analyzing any event, is known as

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Normative science

Positive science

Biological science

For casting science

Depreciation means:

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Wear and Tear

Reduction in value

Decrease in value

All of these

In which phase of a trade cycle production, employment, wages and rate of interest etc start rising gradually

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Boom

Depression

Recovery

Recession

"Principles of Economics" was written in:

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1776

1890

1932

1930

According to law of supply which factor changes the supply

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cost of producton

price

climatic conditions

level of income

Over investment theory is presented by

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Pigou

Hawtray

Hayek, Mises and Cassel

Prof Jugglar

Third factor of production is called

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land

labour

capital

organization

If we multiply margina product with price we get:

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MFC

MRP

TVC

Both a and b

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

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Zero

Infinite

Positive

Negative

Exceptions, or limitations of law of demand have been stated by

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Professor Marshall

Professor Adam Smith

Professor Benham

Professor Robbins

One of the following is not included in implicit cost

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Interest of entrepreneur's own capital

Rent of building

Reward of entrepreneur's own labour

Reward of entrepreneur's own land

When average cost curve is rising, then marginal cost curve

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Remains below it

Remains above it

Remains parallel to it

Is vertical

During depression, increases

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Unemployment

Employment

Profit

Production

In perfect competition number of firms is

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One

Two

A few

Large

Basic object of a firm is to get maximum:

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Price

Profit

Production

All of three

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