Question # 1

In law of increasing cost, marginal cost

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Increases

Decreases

Remains constant

Remains fixed

Nature of inter-relationship of average revenue and marginal revenue under perfect competition is

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Average revenue remains more than marginal revenue

Average revenue remains less than marginal revenue

Marginal revenue remains less than average revenue

Average revenue remains equal to marginal revenue

"A trade cycle is fluctuation in employment, production and prices" This definition of Trade cycle is stated by

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Prof Keynes

Prof Mitchall

Prof Hanson

Prof Haberler

Marginal revenue product curve is called

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Demand curve of firm

Supply curve of firm

Demand curve of industry

Supply curve of industry

According to classical theory of international trade, a country imports those goods from the other country which

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Are durable

Are standardised

Are produced comparatively at high cost

Are not produced in that country

Methods for measurement of national income are:

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Two

Three

Four

Five

Modern theory of trade cycles is presented by

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Prof Schumpeter

Prof Keynes

Prof Hawtrey

Prof Hicks and Samuelson

"The nature and significance of economic sciences" was written by:

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Adam smith

Marshall

Robbins

Canon

Which one of the following stated the canons of taxation first

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Adam Smith

Marshall

Robbins

Keynes

Additional amount of money which a firm gets by selling an additional unit of output is called

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Average revenue

Marginal revenue

Total revenue

Revenue

In case of international trade, trade restrictions are usually

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Limited

More

Too much

None of three

In perfect competition the average revenue curve is

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Vertical

Horizontal

Rising

Declining

Movement on the same demand curve is called:

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Increase is demand

Rise and fall in demand

Decrease in demand

Expansions and contraction in demand

The decreasing part of TU curve shows:

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MU is zero

MU is negative

MU is increasing

MU is decreasing

A firm gains normat profit, where:

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P=AC

P>AC

P<AC

AC>AR

Utility of a commodity is zero, when

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Want is satisfied upto a certain extent

Want is fully satisfied

Utility is positive

Want is not satisfied

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