Question # 1

One of the following is not the difficulty of the barter system

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Indivisibility of goods

Lack of common measure of value

Double coincidence of wants

Lack of store of value

In which phase of Frade cycle level of employment and income becomes very low.

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Depression

Recovery

Recession

Boom

In between how many countries international trade takes place under comparative cost theory

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Two

Three

Four

Many

Who said that economics is normative science ?

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Keynes

Robbins

Marshall

Rocher

Who said that economics is positive science

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Adam Smith

Marshall

Robbins

Keynes

Slope of average revenue and marginal revenue cures under monopoly is

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positive

negative

zero

none of three

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

Writing of the same behavior of the people in particular arrangement and words is called

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Normative science

Positive science

Economic law

Scientific law

One of the following is not the cause of deflation

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Decrease in demand for goods

Decrease in consumption

Increase in quantity of money

Increase in supply of goods

Price and demand has a relationship:

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Negative

Positive

Functional

Both a & c

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

Which law provides the base of law of demand

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Law of supply

Law of diminishing marginal utility

Law of equi marginal utility

Law of decreasing return

During the phase of recovery prices, wages, interest rate and profits

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Start falling gradually

Start rising gradually

are highest

are lowest

Regarding time element, the normal price has types

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One

Two

Three

Four

Supply curve moves from left to right upward, this tendency is called

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Negative

Positive

Horizontal

Vertical

Nature of inter-relationship of average revenue and marginal revenue under perfect competition is

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Average revenue remains more than marginal revenue

Average revenue remains less than marginal revenue

Marginal revenue remains less than average revenue

Average revenue remains equal to marginal revenue

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