Question # 1

Utility is related with

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Usefulness

Useless

Necessities

Desire

In comparative cost or comparative advantage theory, ratio is

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1x1 one good one country

2x2 two goods two countries

1x2 one good two countries

2x1 two goods one country

The additional cost which a firm has to bear in order to produce additional unit of output, are called

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Average cost

Marginal cost

Fixed costs

Variable costs

Individuals of a country produce a certain quantity of goods and services using the resources of the country with the help of their capital, it is called national income this definition is presented by

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Professor Marshall

Professor Paul A Samuelson

Professor Fisher

Professor Pigou

Payment of zakat is compulsory for ----------- living in Islamic Country

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Every person

Every Muslim

Only Poor Muslim

Only Sahib-e-Nisab Muslim

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

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10%

15%

20%

25%

A firm is in equilibrium, where:

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AR = MR

AC = MC

AC = MR

MC = MR

One of the following precautions is not included in measurement of national income by product method

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To subtract depreciation allowance

To subtract indirect taxes

Not to include transfer payments

To include subsidies

Economist who presented the first law of consumption

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Marshall

Adam smith

Robbins

Pigou

Which one of the following is indirect tax

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Income tax

Property tax

Wealth tax

Sales tax

If the demand for a commodity is less elastic, then an entrepreneur in order to increase his profit

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Will increase its price

Will decrease its price

Will not change its price

None of these

The kind of market, in which a single firm produces a single commodity which has no close substitute

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Monopoly

Duopoly

Oligopoly

Perfect competition

Which is not studied in micro economics

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Theory of consumer behavior

Price theory

Theory of money

Theory of distribution of wealth

Who did name Economics as the science of mammon worship and dismal science

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Marshall

Keynes

John Ruskin & Carlyle

Pigou

"The nature of significance economics sciences" was written in:

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1930

1936

1932

1890

Who did write the book named "General theory of employment, interest and money

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Robbins

Pigou

Keynes

Cannon

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