Question # 1

Demand for the commodities having different uses

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Less elastic

More elastic

Perfectly inelastic

Infinitely elastic

Which law is applied when marginal utilities of all the purchased goods become equal to each other

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Law of diminishing marginal utility

Law of equi marginal utility

Law of demand

Law of increasing return

The factor which is needed to produce goods by the combination of land, labour and capital is called

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Land

Labour

Capital

Organization

Quantity of a commodity which is offered for sale in a market is called:

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Trade

Supply

Demand

Stock

The relation between quantity of money and value of money is:

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Positive

Negative

Direct

Inverse

According to law of demand, curve moves from left to right downward. This type of tendency is called

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Positive tendency

Negative tendency

Extension and contraction of demand

Rise and fall of demand

"What performs the functions of money, is money"
This definition of money is stated by

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Prof Walker

Prof Marshall

Prof Crowther

Prof Pigou

Which factor is oldest and basic factor of production

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Land

Labour

Capital

Organization

Production of the last unit of a factor of production is called

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Total product

Average product

Marginal product

Positive product

National income is measured for:

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One year

Two years

Three years

Four years

Economics is a science

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Political

Spiritual

Social

Scientific

The demand curve slopes

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upwards

Horizontal

vertical

downward to the right

If total expenditure of the consumer decreases due to increase 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

Recent international depression was appeared in:

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1936

1990

2005

2008

Quickly destroyable goods are called

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Superior goods

Inferior goods

Perishable goods

Giffen godds

"Anything which is generally accepted as a medium of exchange and also performs the functions of standard of value and a store of value is money"
This definition of money is stated by

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Prof Walker

Prof Marshall

Prof Crowther

Prof Pigou

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