Question # 1

In order to improve the balance of payment the foremost try is to increase

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Imports

Exports

Production

Savings

What is money

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Coins of gold and silver

Paper money

Agricultural crops

Everything which can be used as a medium of exchange

The most appropriate definition of money was given by:

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F.A.Walker

Keynes

Pigou

Crowther

If 30% change in supply in response to 50% change in price then:

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Es = 0

Es = 1

Es > 1

Es < 1

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

Price of perishable goods is determined in:

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Very short period

Very long period

Day to Day

Both (a) and (c)

In case of perfectly elastic supply or infinite elasticity of supply, supply curve is

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Horizontal (parallel to x-axis)

Vertical (parallel to y-axis)

Positive sloped

Negative sloped

The production sector where human brain and intelligence plays more role there is applicable

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Law of increasing return

Law of constant return

Law of decreasing return

Law of increasing cost

Quantity theory of money was introduced by:

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Fisher

Marshall

Crowther

J.S Mill

In which year international monetary fund was established

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1941

1944

1945

1947

Exchange of goods with goods is called

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Medium of exchange

Store of exchange

Scale of measure of exchange

Barter system

A big change in demand and price is called:

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PointElasticity of demand

ArcElasticity of demand

CrossElasticity of demand

PriceElasticity of demand

One of the following is not assumption of law of diminishing marginal utility

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Same nature of the commodity

Consumption of the commodity with intervals

Suitable quantity of the commodity

No change in consumers mental condition

Curve of law of diminishing marginal utility

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Moves from left to right downward

Moves from left to right upward

Firstly it has a tendency to rise up and after a certain limit it starts falling

It is parallel to ox-axis

Laws of return are

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Two

Three

Four

Five

The costs which increase with the increase in output and decrease with the decrease in output, are called

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Variable costs

Fixed costs

Average costs

Marginal cost

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