Question # 1

During depression, a government prepares budget which is

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Balanced

Surplus

Deficit

Unbalanced

Reward of Land is called.

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Rent

Wage

Interest

Profit

If demand decreases by 15% due to 10% increase in Price, then elasticity of demand is

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Equal to unity

More than unity

Less than unity

Zero

Another name of unitary method is

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Total satisfiaction method

Total expenditure method

Total revenue method

Both 2nd and 3rd

Which law is applied when marginal utilities of all the purchased goods become equal to each other

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Law of diminishing marginal utility

Law of equi marginal utility

Law of demand

Law of increasing return

When Ac is rising:

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AC = MC

MC > AC

MC < AC

Both (b) and (c)

Under monopoly, the slope of MR curve is:

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Twice the slope of AR curve

Less than the slope of AR curve

Greater than the slope of AR curve

Half the slope of AR curve

One of the following is not advantage of international trade

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Provision of necessities of life

Imperfections of market

Provision of medicines & machinery

Provision of necessities of defence

By increasing the cost of production, the supply

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Extends

contracts

Falls

Rises

In perfect competition the average revenue curve is

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Vertical

Horizontal

Rising

Declining

The systematic record of visible and invisible exports and imports of a country in one year is called

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Balance of trade

Balance of payment

External balance

Internal balance

A monopolist firm usually earns

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Normal profit

Abnormal profit

Minimum loss

Abnormal loss

In which phase of a trade cycle production, employment, wages and rate of interest etc start rising gradually

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Boom

Depression

Recovery

Recession

Price of perishable goods is determined

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In the market period

In the short period

In the middle period

In the long period

Which economist introduced economics as a science for the first time

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Adam Smith

Robbins

Marshall

Pigou

Modern theory trade cycle was presented by:

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Hawtrey

Habson Foster

Jevons

J.R Hicks

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