Question # 1

According to Neo Classical economists, Economics is science of

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Scarcity of means

Material welfare

Wealth

Unlimited wants

Method of measuring national income

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National income=Gross national product - depreciation allowance

National income= Net national product - Indirect costs

National income= Net national product + subsidies

National income= Net national product - indirect taxes + subsidies

What effects are expected on the purchasing power of money during deflation

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Decreases

Increases

Remains constant

2nd and 3rd

In the short period, fixed cost curve has the tendency

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Parallel to ox-axis

Parallel to oy-axis

Positive

Negative

Under perfect competition average revenue is always - - - marginal revenue

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Equal to

Less than

More than

None of three

One rupee note in paper money is

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Inconvertible paper money

Convertible paper money

Limited legal tender money

Unlimited legal tender money

Private owners of minerals are bound to pay --------- Zakat of their production

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10%

15%

20%

25%

Average cost curve is in short run

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Negative sloped

U-shaped

L-shaped

Positive sloped

There exists a relationship between inflation and deflation

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Increasing

Inverse

Indirect

None of three

Who said that economics is normative science ?

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Keynes

Robbins

Marshall

Rocher

When production of a firm increases then total variable costs

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Decrease

Increase

Remain constant

Do not change

Monopoly refers to:

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Single buyer

Single seller

Single producer

Both b and c

Under monopoly, number of firms is

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Large

Few

One

Two

If quantity demanded for a commodity changes due to the change in income, it is called

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Price elasticity

Point elasticity

Cross elasticity

Income elasticity

The rate of usher on product of canal land is

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5%

10%

20%

2.5%

If due to a very slight decrease in price, demand goes on increasing, elasticity of demand will be

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More than unity

Less than unity

Infinite

Zero

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