Question # 1

Which factor is oldest and basic factor of production

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Land

Labour

Capital

Organization

If income of government is less than its expenditures, then it is a

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Surplus budget

Deficit budget

Development budget

Balanced budget

First and basic law of consumption is

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Law of demand

Law of decreasing return

Law of supply

Law of diminishing marginal utility

If total expenditure of the consumer increases due to decrease in price, then nature of elasticity of demand will be

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Equal to unity

Less than unity

More than unity

Elasticity of demand = zero

In comparative cost or comparative advantage theory, ratio is

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1x1 one good one country

2x2 two goods two countries

1x2 one good two countries

2x1 two goods one country

If demand is not influenced by the changes in price, elasticity of demand will be

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Equal to unity

More than unity

Less than unity

Zero

Law of decreasing return is immediately applied on

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Agriculture

Trade

Industry

Construction

Payment of zakat is compulsory for ----------- living in Islamic Country

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Every person

Every Muslim

Only Poor Muslim

Only Sahib-e-Nisab Muslim

When there are small and minor changes in price and demand then

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Price elasticity

Income elasticity

Cross elasticity

Point elasticity

The power of a good or service to satisfy a human want is called:

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Value

Price

Utility

All of them

Who did present unity method to measure elasticity of demand

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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

Cardinal utility approach was presented by:

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Adam smith

Keynes

Robbins

Marshall

One of the following is not included in the sources of public revenue

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Tax

Fee

Defence

Fines

Zakat means

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Growth

Purification

Tax

Both 1st and 2nd

Self owned resources are known as:

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Implicit cost

Explicit cost

Opportunity cost

Sunk cost

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