| 1 |
If 50% change in demand in reposne of 50% change in price then: |
- A. Elasticity of demand = 1
- B. Elasticity of demand < 1
- C. Elasticity of demand > 1
- D. Elasticity of demand = 0
|
| 2 |
When demand curve shifts rightward (or upward), it is called |
- A. Rise of demand
- B. Fall of demand
- C. Extension of demand
- D. Contraction of demand
|
| 3 |
If income of government is less than its expenditures, then it is a |
- A. Surplus budget
- B. Deficit budget
- C. Development budget
- D. Balanced budget
|
| 4 |
Who said that economics is the science of material welfare ? |
- A. Adam smith
- B. Marshall
- C. Ricardo
- D. Robbins
|
| 5 |
If the face value of a coin is greater than the value of metal used in: |
- A. Legal money
- B. Token money
- C. Standard money
- D. Both b and c
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| 6 |
What remains after the deduction of direct tax from the personal income |
- A. NNP
- B. NNI
- C. DPI
- D. GNP
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| 7 |
Under Monopoly, a firm is in equilibrium position when Ed is: |
- A. Equal to unity
- B. Less than unity
- C. Grater than unity
- D. Both b and c
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| 8 |
The cause of extension and contraction of demand is |
- A. Income
- B. Price
- C. Population
- D. Technology
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| 9 |
One of the following is not the monetary measure to control inflation |
- A. Increase in bank rate
- B. Open market operation
- C. Increase in the ratio of reserve capital of the banks
- D. Increase in taxes
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| 10 |
Founder of modern school of thought: |
- A. Adam smith
- B. Marshall
- C. Ricardo
- D. Robbins
|