Question # 1

When the price of a product increase by 100 percent and as a consequence, its quantity supplied increase by 125 percent, Its elasticity of supply will be.

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Less than unity

Greater than unity

Equal to unity

Equal to zero

The total quantity of a commodity available in or near the market which can be brought for sale at a short notice

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Stock

Supply

Demand

None of these

Marginal revenue products (MRP) curve falls when units of labour

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Remain constant

Decrease

Increase

None of the three

Utility and usefulness are

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equal

different

opposite

unrelated

The supply of perishable goods is.

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Elastic

Inelastic

Perfectly elastic

None of the above

Who was the exponent of macro economics in recent times.

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Adam Smith

J.M. Keynes

Marshall

Maithus

Which type of problems are brought under discussion in micro economics .

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Consumer's behaviour

International trade

Balance of payment

Public finance

Given the demand curve, a rise in supply will.

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Increase quantity supplied

Price will fall

Price will rise

Both (a) and (b)

He cannot be unemployed

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policeman

beggar

mikman

bank officer

Every factor of production gets reward equal to

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value of average product

value of marginal product

value of total product

total revenue

A firm attains equilibrium under monopoly where:

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AR = MR

AC = MC

MR = MC

AR = AC

They can expand their business by selling shares in the stock market

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proprietor of a business

partners of the business

joint stock company

industrial cooperative societies

If we know that quantities bought and sold are equal, we can conclude that

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quantities demanded and supplied are also equal

the market is in equilibrium

there will be no tendency for a price change

all of the above

A schedule of the amount of a good that would be offered for sale at all possible prices, at any one instant of time or during any period of time are called

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Supply

Demand

Stock

None of these

Shopkeepers are also producers because in goods, they produce.

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Form utility

Time utility

Use utility

Place utility

A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called.

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Supply of output

Production

Buffer stock

Stock

Natural environment that supports production of goods and services is included in

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labour

money

capital

land

Labour input includes

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inventor

innovator

unskilled worker

all of the above

The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.

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Fall

Rise

Remain the same

Fluctuate

All materials goods which can satisfy humans wants are called.

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Non economic goods

Economic goods

Capital goods

Services

Doctors get higher wages than clerks because

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doctors are in short supply

doctors have more respect in society

doctors are organised in trade unions

people fear doctor's displeasure

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