Question # 1

In perfect competition the average revenue curve is

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Vertical

Horizontal

Rising

Declining

Main elements of circular flow of national income are

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People or house holds

Firms

House holds and firms

Industrial lists

According to Marshall, Economics is

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Social Science

Correcting science

Positive science

Moral science

Reserve price of a commodity is that price

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Which is more than the cost of production of the seller

At which the seller sells his commodity tn the market

Which is equal to the cost of production of the seller

Below which the seller is not ready to sell his commodity

During boom, a government prepares budget which is

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Balanced

Surplus

Deficit

Unbalanced

Law of decreasing return is immediately applied on

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Agriculture

Trade

Industry

Construction

State laws are of

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Regional nature

Country nature

International nature

Non of three

"General theory of employment, interest and money" was written by:

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Robbins

Pigou

Keynes

Canon

Stock means the quantity of a commodity

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Which is offered for sale in the market

Which is sold in the market

Total production is called stock

Which the seller keeps in his possession without selling

Exceptions, or limitations of law of demand have been stated by

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Professor Marshall

Professor Adam Smith

Professor Benham

Professor Robbins

Which is the Demand Curve of a frim

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Average Revenue Curve

Marginal Revenue Curve

Total Revenue Curve

Average cost curve

If the income of the government is less than its expenditures, such budget is called

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Surplus budget

Deficit budget

Balanced budget

Capital budget

During the phase of recession prices of goods

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Start rising

Start falling

are highest

are lowest

Change in total production is called

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Marginal production

Zero production

Total production

Average production

Economy gets prosperity during

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Recession

Depression

Boom

Recovery

One of the following is not included in implicit cost

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Interest of entrepreneur's own capital

Rent of building

Reward of entrepreneur's own labour

Reward of entrepreneur's own land

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