| 1 |
Propounder of economics was |
- A. Robbins
- B. Marshall
- C. Adam smith
- D. Keynes
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| 2 |
Tendency of demand curve of a factor of production is |
- A. Positive
- B. Negative
- C. Zero
- D. Horizontal
|
| 3 |
Utility of the last unit of a commodity consumed is called |
- A. Positive utility
- B. Negative utility
- C. Total utility
- D. Marginal utility
|
| 4 |
Third factor of production is called |
- A. land
- B. labour
- C. capital
- D. organization
|
| 5 |
______ is not considered perfect money |
- A. Note of ten rupees
- B. Note of hundred rupees
- C. Piece of silver
- D. Note of one thousand rupees
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| 6 |
Deficit in balance of payments (BOP) means: |
- A. Imports = Exports
- B. Imports > Exports
- C. Exports < Imports
- D. Both b and c
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| 7 |
Production which is produced with a particular combination of factors of production, is called |
- A. Total product
- B. Average product
- C. Marginal product
- D. Positive product
|
| 8 |
In between how many countries international trade takes place under comparative cost theory |
- A. Two
- B. Three
- C. Four
- D. Many
|
| 9 |
A firm earns normal profit |
- A. When price of the commodity is equal to average cost
- B. When price of the commodity is more than average cost
- C. When price of the commodity is less than average cost
- D. When total revenue is more than total costs
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| 10 |
If demand and supply both rise in the same proportion, then |
- A. Equilibrium price decreases
- B. Equilibrium price does not change
- C. Equilibrium price increases
- D. Equilibrium quantity decreases
|