| 1 |
One condition which is not included in perfect competition conditions |
- A. Homogeneity of product
- B. Difference in price
- C. Large number of buyers and sellers
- D. Perfect knowledge of the market
|
| 2 |
Change in total production is called |
- A. Marginal production
- B. Zero production
- C. Total production
- D. Average production
|
| 3 |
Equilibrium level of national income means that point where |
- A. Consumption = saving
- B. Consumption = investment
- C. Income = saving + investment
- D. Saving = Investment
|
| 4 |
If tax rate decreases with the increase in income level: |
- A. Direct tax
- B. Indirect tax
- C. Progressive tax
- D. Regressive tax
|
| 5 |
Utility of the last unit of a commodity consumed is called |
- A. Positive utility
- B. Negative utility
- C. Total utility
- D. Marginal utility
|
| 6 |
According to law of supply which factor changes the supply |
- A. cost of producton
- B. price
- C. climatic conditions
- D. level of income
|
| 7 |
Short run cost curves are generally |
- A. flatter
- B. u shaped
- C. saucer shaped
- D. oval
|
| 8 |
If income of government is more than its expenditures, then it is a |
- A. Surplus budget
- B. Deficit budget
- C. Development budget
- D. Balanced budget
|
| 9 |
Under monopoly, the slope of MR curve is: |
- A. Twice the slope of AR curve
- B. Less than the slope of AR curve
- C. Greater than the slope of AR curve
- D. Half the slope of AR curve
|
| 10 |
Notes and coins are legal tender money because |
- A. Government keeps gold and silver in their exchange
- B. They are issued by the commercial banks
- C. They are issued by the central bank
- D. People are bound to accept them
|
