Question # 1

To increase profit a firm minimises

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revenues

costs

demand

supply

Rise of supply can be shown with the help of

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A supply curve

More than one supply curves

Fixed supply curve

Vertical supply curve

Kinds of supply according to period of time are

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Two

Three

Four

Five

Equilibrium level of national income means that point where

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Consumption = saving

Consumption = investment

Income = saving + investment

Saving = Investment

Innovation theory is presented by

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Prof Kegnes

Prof Schumpeter

Prof Hicks

Prof Foster

Of what nature state laws are

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Local

Regional

National

International

Founder of neo-classical school of thought:

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Adam Smith

Marshall

Robbins

Keynes

During recession demand for factors of production is

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More

Limited

Very low

Too much

Under monopoly average revenue curve remains the marginal revenue curve

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Below

Above

Parallel

None of these

A firm suffers abnormal losse, when:

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AC = AR

AVC = AR

AVC < AR

AVC > AR

Notes and coins are legal tender money because

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Government keeps gold and silver in their exchange

They are issued by the commercial banks

They are issued by the central bank

People are bound to accept them

Transfer payments are included in

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Gross domestic income

National income

Disposable personal income

Personal income

Under perfect competition average revenue is equal to:

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Average cost

Price

Marginal revenue

Both b and c

When supply decreases due to fall in price, it is called:

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Fall in supply

Contraction in supply

Expansion in supply

Rise in supply

Exact perdition not possible in:

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Economic laws

Science laws

Moral laws

Social law

If the rate of change in price and quantity supplied is equal then:

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Es = 0

Es = 1

Es > 1

Es < 1

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