| 1 |
In production process when marginal product increases with the increase in units of variable factors along with fixed factor, this tendency in economics is called |
- A. Law of production
- B. Law of increasing return
- C. Law of decreasing return
- D. Law of constant return
|
| 2 |
Which is the Demand Curve of a frim |
- A. Average Revenue Curve
- B. Marginal Revenue Curve
- C. Total Revenue Curve
- D. Average cost curve
|
| 3 |
"Quantity of goods and services which is consumed during a year is called national income". This definition of national income is stated by the economist |
- A. Marshall
- B. Pigou
- C. Adam smith
- D. Fisher
|
| 4 |
In law of decreasing cost, marginal cost |
- A. Increases
- B. Decreases
- C. Remains constant
- D. Does not change
|
| 5 |
Supply is Fixed of: |
- A. Perishable goods
- B. Free goods
- C. Durable goods
- D. Substitute goods
|
| 6 |
If supply decreases due to decrease in price, it is called |
- A. Extension of supply
- B. Contraction of supply
- C. Rise of supply
- D. Fall of supply
|
| 7 |
Are included in welfare economist |
- A. Ricardo and J.S. Mill
- B. Robbins and Keynes
- C. Cannon and Pigou
- D. Malthus and Keynes
|
| 8 |
Law of increasing return is more applicable in: |
- A. Trade sector
- B. Industrial sector
- C. Agricultural sector
- D. Power sector
|
| 9 |
According to which economist some trade cycles complete their cycle during a period of fifty years or sixty years |
- A. Prof Kitchen
- B. Prof Jugglar
- C. Prof Pigou
- D. Prof Kondratieff
|
| 10 |
If the ratio of change in demand is less than the ratio of change in price, elasticity of demand will be |
- A. More than unity
- B. Less than unity
- C. Equal to unity
- D. Zero
|
