Question # 1

The economy gets prosperity during:

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Recession

Boom

Depression

Recovery

It is a Federal Tax:

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Excise duty

Local tax

Property tax

None

Who criticized Prof.Robbin's definition?

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Marshall,J.B

Beveridge

Clark

Pigeou

Macro Economics was introduced by:

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Alfred Marshall

J.M.Keynes

N.W Senior

J.B.Clark

National income does not include:

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Profit

Wages

Interest

Transfer payments

The unity method of elasticity of demand was presented by:

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Adam Smith

Marshall

J.R Hicks

Pigeou

The economy gets maximum prosperity during:

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Recession

Recovery

Boom

Depression

What was the difficulty in the barter System:

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Excess of goods

Difference language

Lack of co-incidence

Difference in proffession

According to law of increasing return marginal product:

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Increases

Decreases

Remains constant

None of these

The other name of law of diminishing return is:

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Law of supply

Law of diminishing marginal utility

Law of demand

Law of increasing cost

Reward for capital is called:

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Rent

Interest

Wages

Profit

If total expenditure decreases with the rise in price elasticity of demand will be

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Equal to unity

Less than unity

Greater than unity

Equal to zero

National income period is

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One year

Three years

Two years

Four years

The supply of land is:

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Infinity

Fixed

Variable

Zero

The other name of law of decreasing return is:

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Law of decreasing cost

Law of increasing cost

Law of constant cost

Law of increasing returns

The shape of AR and MR under perfect competition is:

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Vertical

U-shape

Horizontal to ox-axis

None of these

In inflation prices:

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Increase

Do not change

Decrease

Become zero

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