Question # 1

Mental or physical work undertaken for reward by human being is called

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Land

Labour

Capital

Organization

Psychological theory of trade cycles is presented by

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Prof Jevons

Prof Pigou and Bagehot

Prof Keynes

Prof Hawtrey

In a production process, when units of variable factors along with the fixed factor of production are increased, marginal cost remains the same, this tendency in economics is called

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Law of decreasing cost

Law of constant cost

Law of increasing cost

Law of decreasing return

Cannot be separated from labourer

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Land

Labour

Capital

Organization

According to the law of supply, there is relation in price and supply

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Inverse

Increasing

Negative

indirect

Which economist said that, economics cannot be separated from spiritual values?

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Marshall

Robbins

Adam smith

Voton

In order to improve the balance of payment the foremost try is to increase

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Imports

Exports

Production

Savings

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

If supply of a commodity is fixed, it is called

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Market supply

Short period supply

Long period supply

Middle period supply

Concept of law of diminishing marginal utility was presented by professor

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Marshall

Robbins

Keynes

Pigou

In the short period, fixed cost curve has the tendency

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Parallel to ox-axis

Parallel to oy-axis

Positive

Negative

Cannon,. Pigou and Pareto belonged to school of thought

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Classical

Neo classical

Keynesian

None of these

Word of economics has been derived from "Oikonomos" which is word of the language

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French

Latin

Russian

None of them

Under Monopoly, a firm is in equilibrium position when Ed is:

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Equal to unity

Less than unity

Grater than unity

Both b and c

When demand and supply rise in equal propoertion, the equilibrium price will:

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Fall

Rise

Constant

None of those

Who did present unity method to measure elasticity of demand

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Adam Smith

Marshall

Robbins

keynes

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