| 1 |
When the price of a commodity increases but its demand does not change, this situation is called |
- A. Constant demand
- B. Fall of demand
- C. Rise of demand
- D. Contraction of demand
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| 2 |
Which law provides the base of law of demand |
- A. Law of supply
- B. Law of diminishing marginal utility
- C. Law of equi marginal utility
- D. Law of decreasing return
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| 3 |
Marginal cost curve cuts average cost curve when average cost is |
- A. Maximum
- B. Minimum
- C. Increasing
- D. Decreasing
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| 4 |
If a firm does not produce anything then its variable cost is: |
- A. Minimum
- B. Negative
- C. Maximum
- D. Zero
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| 5 |
In mathematics, symbol for utility is used |
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| 6 |
When there is inflation attached with high unemployment level, it is called ? |
- A. Stagflation
- B. Hyper inflation
- C. Demand pull inflation
- D. Cost push inflation
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| 7 |
The conditions which are essentially kept constant for the application of economic laws, are called |
- A. Changes
- B. Assumptions
- C. Limitations
- D. Theories
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| 8 |
The relationship between price and quantity supplied is: |
- A. Inverse
- B. Positive
- C. Infinite
- D. Zero
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| 9 |
Who said that economics is positive science |
- A. Adam Smith
- B. Marshall
- C. Robbins
- D. Keynes
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| 10 |
Under monopoly average revenue curve remains ______ the marginal revenue curve |
- A. Below
- B. Above
- C. Parallel to
- D. None of three
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