Question # 1

If supply does not change, then due to rise in demand, equilibrium price.

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Increases

Decreases

Does not change

Becomes zero

The cause of rise and fall of demand is

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income

price

population

Both 1st and 3rd

If a firm does not produce anything then its variable cost is:

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Minimum

Negative

Maximum

Zero

The non-material activities which have the ability to satisfy human wants indirectly, are called

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Goods

Services

Satisfaction

None of the three

Market value of all final goods and services is known as:

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N.I

G.N.P

N.N.P

Both a and b

Average revenue is equal to

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Price

Total revenue

Marginal revenue

Average cost

According to Prof. Kitchen a trade cycle completes in

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Two years six months

Three years or Fifty years

Fifty years or Sixty years

Sixty years or Seventy years

Market price will be determined where

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Supply is more than demand

Demand is more than supply

Demand and supply are equal

Demand is less elastic and supply is more elastic

The number of laws of cost are

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One

Two

Three

Four

When total revenue and total cost of a firm are equal, the firm earns

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Abnormal profit

Normal profit

Normal loss

Abnormal loss

Which laws are framed by parliament

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State laws

Moral laws

Economic laws

Scientific laws

Vertical supply curve means

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Same quantity supplied at differented price

Different quantities supplied at one price

Different quantities supplied at different prices

None of three

Mental or physical work undertaken for reward by human being is called

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Land

Labour

Capital

Organization

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

Which economist said that abundance of definitions has pressed the neck of economics

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Adam Smith

Robbins

Keynes

Pigou

Balance of payment of a country is favourable when its

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Receipts are more than payments

Receipts are less than payments

Receipts are equal to payments

None of three

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