Question # 1

The rate change in total cost is:

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TR

MC

MR

TC

The goods which are jointly demanded to satisfy a want, are called

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Complimentary goods

Substitute goods

Alternative goods

inferior goods

Dividing total variable costs by the units of output, is attained

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Average fixed cost

Average variable cost

Average cost

Marginal cost

When average product increase, marginal product

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Decreases

Is zero

Is negative

Also increases

Supply curve slope is:

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Positive

Vertical

Negative

Horizontal

After deducting direct tax from personal income, it is called

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National income

personal income

Disposable personal income

per capital income

Quantity of a commodity offered for sale in a market at a certain price during a given period of time, is called

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Stock

Demand

Supply

Quantity demanded

Under monopoly, marginal revenue is _____ of output

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Decreasing function

Increasing function

Quadratic function

Cubic function

Gross national product means

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Total of price of all goods produced in a country in year

Total of price of all consumer goods produced in the economy during a year

Total of goods and services produced in the economy during a year

Total of monetary value of goods and services produced during a year in the economy

Equation of relationship between quantity of money and value of money, MV=PT is presented by the economist

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Prof Taussing

Prof Fisher

Prof Crowther

Prof Marshall

One of the following is not the characteristic of money

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General acceptability

Durability

Non homogeneity

Convertibility

A system where the goods are exchange with goods is known as:

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Monetary system

Barter System

Coins system

Goods system

Which is subtracted from gross national product to find gross domestic product

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Depreciation allowance

Net income received from foreign sources

Indirect taxes

Transfer payments

The innovation theory of trade cycles was presented by

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Hayek

Hawtray

Schumpeter

Pigou

If supply of a commodity changes by less than 10% due to a 10% change in its price, then elasticity of supply will be

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Equal to unity

More than unity

Less than unity

Zero

In modern term, factors of production are called

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Inputs

Productive services

Inputs and productive services

Production of goods and services

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