Question # 1

Inflation on prices:

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Decrease

Remains constant

Increase

Become zero

The economy gets maximum prosperity during:

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Recession

Recovery

Boom

Depression

Which economist presented the Cardinal Theory of Utility:

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Marshall

Canon

Kroose

J.B Say

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

According to law of increasing return marginal product:

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Increases

Decreases

Remains constant

None of these

Factors of production are:

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One

Three

Two

Four

Due to devaluation exports become:

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Smaller

Larger

Cheaper

Expensive

According to law of diminishing marginal utility the marginal utility:

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Increases

Remains constant

Diminishes

Negative

In monopoly the number of firms is:

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One

Three

Two

Unlimited

When national income is increases:

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Standard of living increases

Standard of living decreases

Remains same

Bad thing

Phases of trade cycle are:

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One

Three

Two

Four

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NAT I General Science Economics MCQs With Answers

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