Question # 1

When marginal product is zero, total product is

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Maximum

Minimum

Negative

Zero

Ceteris paribus means:

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Other things remain the same

Assumptions of the law

Conditions of the law

All of them

When marginal utility is negative, then total utility

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Decreases

Increases

Does not change

Becomes negative

Law of increasing return is more applicable in:

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Trade sector

Industrial sector

Agricultural sector

Power sector

Consumer's behaviour means:

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Selection

Purchase

Sale

Both (a) and (b)

Founder of neo-classical school of thought:

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Adam Smith

Marshall

Robbins

Keynes

One of the following is not advantage of paper money

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Saving of metals

Saving of coinage

Easy transferability

Perfectly inelastic supply

Not acting upon economic laws

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One gets punishment

Economy faces loss

Only the people not acting, face loss

No one is influenced

In which kind of economics, aggregate behaviors of the economy are reviewed

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Theoretical

Applied

Micro

Macro

Wages of permanent labourers are:

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Fixed cost

Marginal cost

Total cost

Variable cost

Blessings like air, rain existing on land are included in factor of production

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Labour or human resources

Capital or monetary resources

Land or natural resources

Organisation

Value of money means purchasing power of money. If quantity of money is doubled then

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Purchasing power of money will be one halved

Purchasing power of money will be doubled

Purchasing power of money will be tripled

There will be no effect on the purchasing power of money

Which one of the following does not exist during deflation

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Production decreases

Value of money increases

Supply of goods and services increases from their demand

Level of employment increases

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

The ratio of change in income to change in investment is known as:

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Multiplier

Accelrator

MEC

Both a and b

If there is slight change in price and demand, it is called

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Arc elasticity

Point elasticity

Income elasticity

Cross elasticity

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