Question # 1

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

The main source of the public revenue is

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Fee

Tax

Fines

Gifts and aid

According to law of diminishing marginal utility, marginal utility of a commodity

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Increases

Decreases

Remains constant

Become negative

When AC is falling then:

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MC = AC

AVC = MC

MC > AC

MC < AC

When demand curve shifts rightward (or upward), it is called

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Rise of demand

Fall of demand

Extension of demand

Contraction of demand

The relation between quantity of money and price is:

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Positive

Negative

Direct

Inverse

Stock means the quantity:

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Sold in market

Which is offered for sale

Which exist in warehouse

Of total production

Reserve price of a commodity is that price

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Which is more than the cost of production of the seller

At which the seller sells his commodity tn the market

Which is equal to the cost of production of the seller

Below which the seller is not ready to sell his commodity

If quantity demanded for a commodity changes due to the change in income, it is called

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Price elasticity

Point elasticity

Cross elasticity

Income elasticity

National income is measured for:

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One year

Two years

Three years

Four years

Who does determine the reserve price

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Buyer

Seller

Government

District adminitration

Demand for factors of production is

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Direct

Derived

Positive

Negative

Disadvantages of paper money are

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Unstable value

Possibility of inflation

Possibility of wastage

All the three

"The nature of significance economics sciences" was written in:

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1930

1936

1932

1890

State laws are of

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Regional nature

Country nature

International nature

Non of three

The most clear and comprehensive definition of economics is given by

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Adam Smith

Alfred Marshall

Robbins

A.C. Pigou

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