Question # 1

A slight change in demand and price is called:

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Point Elasticity of demand

ArcElasticity of demand

CrossElasticity of demand

PriceElasticity of demand

Which factor has no pre-determined reward

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Land

Labour

Capital

Organization

Which one of the following is direct tax

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Sales tax

Import duty

Export duty

Income tax

This paper notes which can be converted into gold, silver or foreign exchange are called

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Standard money

Unlimited legal tender money

Convertible paper money

Inconvertible paper money

Because of indirect taxes, prices

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Decrease

Remain constant

Increase

Do not change

Regarding time element, the normal price has types

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One

Two

Three

Four

Inflation can be controlled by:

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Fiscal policy

Monetary policy

Trade policy

Both a and b

In case of rise in demand, demand curve shifts:

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Right side

Downward

Upward

(a) and (c)

Economic problem arises due to:

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Unlimited wants

Limited resources

Resources have alternative use

All of them

Inflation is created

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When demand for goods is less than their supply

When demand for goods is more than their supply

When demand for goods becomes equal to their supply

When demand and supply of goods do not change

Marginal revenue product curve is called

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Demand curve of the firm

Supply curve of the firm

Demand curve of the industry

Supply curve of industry

If the total expenditure of the consumer increases due to increase in price, then nature of elasticity of demand will be

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Equal to unity

Less than unity

More than unity

Elasticity of demand = zero

The innovation theory of trade cycles was presented by

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Hayek

Hawtray

Schumpeter

Pigou

One of the following is not assumption of law of diminishing marginal utility

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Same nature of the commodity

Consumption of the commodity with intervals

Suitable quantity of the commodity

No change in consumers mental condition

When average cost is minimum, marginal cost is - - - - - - - - average cost

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Less than

More than

Equal to

None of three

The second name of law of increasing return is

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Law of cost

Law of increasing cost

Law of decreasing cost

Law of constant cost

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