Question # 1

In which year Alfred Marshall wrote a book entitled "Principle of economics"

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1850

190

1870

1890

Marginal revenue is always less than price at all level of output in

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perfect competition

monopoly

both a and b

none of the above

Who was the founder of classical school of thought?

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Adam Smith

Marshall

Keynes

Maithus

Human wants are

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one thousand

few

innumerable

countable

Which of the following is NOT an input

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labour

entrepreneurship

natural resources

production

Labour force participation rate is the

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proportion of population that is working

proportion of population aged above 20

proportion of skilled workers

proportion of female workers to male workers

Economics problems arise because of

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greed

scarcity

dishonesty

laziness

Price of a product is determined in a free market

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by demand for the product

by supply of the product

by both demand and supply

by the government

According to law of equi-marginal utility a consumer will maximises his total utility when

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He spends all his income on the product only

He spends more on one and less on the other

Marginal utility of the two goods are equalised

Not only the marginals utility of the two goods are equalised, but also the marginal utility of each good is equal to its price.

Consists of all kinds of wealth, other than free gifts of nature, which yield income are called

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Capital

Productivity of capital

Both a and b

None of these

If a person consumes goods X and Y maximises total utility, then MU per rupee from the two goods must be

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equal

unequal

increasing

decreasing

Who present the Arc Elasticity formula for the measurement of elasticity of demand.

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R.G.D Allen

Pareto

J.R. Hicks

Robbins

To show data in tables, we must first

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reduce data

expand data

classify data

all of the above

Which of the following is NOT capital as economists use the term

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an office building

machinery in a factory

an industrial robot

money

Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called

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Law of Supply

Law of Demand

Law of equilibrium

None of these

It is most suitable for large scale business

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proprietorship

partnership

corporation

cooperative society

Who introduced indifference curves to explain consumer's beghavior

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J.R Hicks

Marshall

Robbins

Adam Smith

MU curve

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rises left to right

is always vertical

falls left to right

is always horizontal

The market of refrigerators in general is called:

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Domestic market

Local market

International market

National market

The concept of differential rent is given by.

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Marshall

David Ricardo

Hobson

Robbins

The elasticity of demand of durable goods is

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less than unity

greater than unity

equal to unity

zero

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