Question # 1

According to Neo Classical economists, Economics is science of

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Scarcity of means

Material welfare

Wealth

Unlimited wants

If the percentage change in supply is more than the percentage change in price, then elasticity of supply is called

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Equal to unity

Less than unity

More than unity

Infinite

Demand for luxuries in

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Les elastic

More elastic

Perfectly elastic

Perfectly inelastic

Price of raw material, wages of temporary labourers, transport costs etc,are called

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Fixed costs

Variable costs

Marginal cost

Total cost

Elasticity of demand for durable goods is

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More elastic

Less elastic

Infinte

Zero

If the total expenditure of the consumer decreases 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

Private individuals are not allowed to fullfil their needs

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To get loans from the friends

To get financial help from the relatives

To get loans from the domestic financial institutions

To print notes

Which of the following stated that utility is measurable

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Marshall

Adam Smith

Robbins

Keynes

If demand does not change, then due to rise of supply

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity decreases

Because of devaluation of currency of a country, its exports

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Decrease

Increase

Remains constant

Go on changing

The interaction of multiplier and accelerator is known as:

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Innovation theory

Modern theory

Psychological theory

Over investment theory

If price of a commodity remains constant but its supply decreases or price increases but supply remains constant, it is called

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Rise of supply

Extension of supply

Fall of supply

Contraction of supply

Which one of the following is indirect tax

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Income tax

Property tax

Wealth tax

Sales tax

Another name of unitary method is

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Total satisfiaction method

Total expenditure method

Total revenue method

Both 2nd and 3rd

If demand changes by more than 10% due to 10% change in price, then elasticity of demand is called

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Equal to unity

More than unity

Less than unity

Infinite

The supply curve of Fish is

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More elastic

Less elastic

Inelastic

Infinite elastic

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