Question # 1

One of the following is not advantage of international trade

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Provision of necessities of life

Imperfections of market

Provision of medicines & machinery

Provision of necessities of defence

One of the following is not land:

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White house

Sub continents

Power house

Both (a) and (b)

Cause of positive slope of supply curve

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Change in cost of production

Fear of increase in cost of production and decrease in profit

Change in technique of production

Increase in per unit profit due to increase in price

If supply of a commodity changes by more than 10% due to 10% change in its price, then elasticity of supply will be

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Equal to unity

More than unity

Less than unity

Infinite

The trade that takes place between the inhabitants of two countries is called

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Domestic trade

International trade

National trade

Regional Trade

Adam Smith presented the basic canons of taxation

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Two

Three

Four

Five

When there is big change in demand and price of a commodity, it is called

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Point elasticity

Arc elasticity

Cross elasticity

Income elasticity

Transfer payment means that income

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Which can move from one place to order place i.g. money etc.

Which is received without labour, e.g. Zakat, gift , pension etc

Which is received after hardwork

Which is received by exports

Under certain conditions, slope of demand curve is

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Negative

Positive

Zero

Fixed

When average product increase, marginal product

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Decreases

Is zero

Is negative

Also increases

If there are large number of firms in some particular industry, then situation is called

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Perfect competition

Imperfect competition

Monopoly

Monopolistic competition

If price increases but supply remains constant, it is called:

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Fall in supply

Contraction in supply

Expansion in supply

Rise in supply

Guides finance minister for levying tax on the income of the people

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Law of demand

Law of equi marginal utility

Law of diminishing marginal utility

Law of supply

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

Finance minister in order to increase the public revenue, imposes tax on the commodities whose demand is less elastic

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At low rate

At high rate

Some times decreases the tax rate and some times increases the tax rate

Does not change tax rate

Prof Fisher presented quantity theory of money in the form of an equation in

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1905

1911

1915

1917

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