Question # 1

If demand does not change, despite a fall in price, is called

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Fall of demand

Rise of demand

Contraction of demand

Extension of demand

Which money is not legally backed

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Metallic money

Paper money

Credit money

Near money

Some inferior goods having expensive substitutes are known as:

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Economic goods

Giffen goods

Non-economic goods

Free goods

"Principles of Economics" was written in:

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1776

1890

1932

1930

The innovation theory of trade cycles was presented by

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Hayek

Hawtray

Schumpeter

Pigou

When average product decreases, marginal product

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Increases

Is zero

Is equal to average product

Is less than average product

Shut down point appears, when

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AVC=AR

AVC>AR

AVC<AR

AC=AR

The unit of money by which the value of goods and services is expressed is called

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Paper money

Money of account

Legal tender money

Near money

Which of the following is not invisible trade

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Expenditure on education in other country

Expenditure on imported machinery

Expenditure of passengers traveling by air

Expenditure of goods carried by a ship

Convertible paper money is issued by

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Central bank

Commercial bank

Industrial bank

Central government

Who said that economics is the science of wealth ?

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Adam Smith

Robbins

Marshall

Pigou

A firm gains abnormal profit, when:

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TR = TC

TR > TC

TR < TC

MC = MR

Adam Smith presented the basic canons of taxation

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Two

Three

Four

Five

According to quantity theory of money doubling the quantity of money, prices

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Increase

Double

Decrease

One half

Who is father of economics

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Marshall

Malthus

Adam smith

Cannon

When marginal product is zero, total product is

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Maximum

Minimum

Negative

Zero

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