Question # 1

Which economist has stated the definition of balance of payments

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Robbins

Kindleberger

Marshall

Keynes

Factors of production are more mobile

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In international trade

In the country

In both

In none

International trade is based on the following except

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Different factors of production are required for the production of different goods

Factors of production exist in different ratios in different countries

Factors of production are in abundant quantity in different countries

Factors of production are in limited quantity in different countries

Inflation will be useful for

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Labourers

Consumers

Penioners

Industrialist

When supply curve shifts rightward or down it is called

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Rise of supply

Fall of supply

Extension of supply

Contraction of supply

Micro economics studies related to:

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National income

Unemployment

Trade cycle

Consumers behaviour

Monetary theory of Trade cycle is presented by

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Prof Hawtrey and Friedman

Prof Keynes

Prof Hobson

Prof Kitchen

The purchasing power of money is called

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value of money

Medium of exhange

quantity of money

credit money

A monopolist firm usually earns

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Normal profit

Abnormal profit

Minimum loss

Abnormal loss

If 50% change in demand in reposne of 50% change in price then:

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Elasticity of demand = 1

Elasticity of demand < 1

Elasticity of demand > 1

Elasticity of demand = 0

In law of decreasing return, marginal product

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Increases

Decreases

Remains constant

Does not change

Concept of law of diminishing marginal utility was presented by professor

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Marshall

Robbins

Keynes

Pigou

Fixed cost consists of:

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Rent

Salaries

Interest

All of them

Difference between total revenue and total cost presents:

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Price

Profit

Production

Loss

Some inferior goods having expensive substitutes are known as:

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Economic goods

Giffen goods

Non-economic goods

Free goods

Equilibrium level of national income means that point where

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Consumption = saving

Consumption = investment

Income = saving + investment

Saving = Investment

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