Question # 1

In Macro economies the vital role is played by:

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Marshall

J.R.Hicks

Robbins

Keynes

Psychological theory of trade cycles is presented by

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Prof Jevons

Prof Pigou and Bagehot

Prof Keynes

Prof Hawtrey

With an increase in the price of any good its substitutes will have

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a fall in its price

an increase in its prices

an increase in its demand

a decrease in its price

Laws cannot be predicted

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Scientific laws

Moral laws

Economic laws

Natural laws

Market equilibrium is determined when

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Demand = supply

Demand > supply

Demand < supply

Demand = zero

Micro economics studies related to:

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National income

Unemployment

Trade cycle

Consumers behaviour

Cost of a firm on the optimum combination of factors of production is

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Minimum

Maximum

Reasonable

Positive

One of the following is not the assumption of quantity theory of money

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Velocity of circulation of legal money should not change

Velocity of Circulation of credit money should not change

Quantity of hoardings should not change

Quantity of goods and services should go on changing

If two goods are complimentary, cross Elasticity of demand will be:

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Zero

Infinite

Positive

Negative

A system where the goods are exchanged with money is known as:

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Monetary system

Barter system

Coins system

Modified system

Dividing total fixed costs by the units of output, is attained

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Average fixed cost

Average variable cost

Average cost

Marginal cost

Quickly destroyable goods are called

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Superior goods

Inferior goods

Perishable goods

Giffen godds

If the rate of change in price and quantity demand is in equal ratio, then Elasticity of demand is:

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Equal to zero

Equal to one

Smaller than one

Greater than one

One of the following is not included in the causes of deficit in balance of payments of a country

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Increase in exports

Increase in imports

Unfavourable terms of trade

Occurance of inflation

Due to fall in demand, curve shifts to

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Right

Left

Both sides

None of these

During depression, a government prepares budget which is

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Balanced

Surplus

Deficit

Unbalanced

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