Question # 1

The unity method of elasticity of demand was presented by:

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Adam Smith

Marshall

J.R Hicks

Pigeou

Canons of taxation describes

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Marshall

Keynes

Robbins

Adam Smith

Income elasticity show the relationship between:

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Income and demand

Income and consumption

Income and price

Income and saving

The shape of AR and MR under perfect competition is:

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Vertical

U-shape

Horizontal to ox-axis

None of these

Marginal cost curve always intersects average cost curve at:

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The maximum point

The central point

The minimum point

The vertical point

Which economist presented the Cardinal Theory of Utility:

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Marshall

Canon

Kroose

J.B Say

The elasticity of demand of durable good is:

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More than unity

Equal to unity

Less than unity

Zero

What is deducted from GNP to find GDP.

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Depreciation allowance

Net income received from abroad

Indirect tax

Transfer payments

Factors of production are:

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One

Three

Two

Four

International trade has the benefits

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One

Three

Two

Unlimited

It is a Federal Tax:

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Excise duty

Local tax

Property tax

None

Slope of demand curve is:

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Negative

Zero

Positive

Fixed

National income does not include:

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Profit

Wages

Interest

Transfer payments

Who presented the quantity theory of money:

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Marshall

Robbins

Taussig

Keynes

The economy gets maximum prosperity during:

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Recession

Recovery

Boom

Depression

Who wrote The Nature and Significance of Economics"

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Adam simth

Marshall

Robbins

Keynes

Who is responsible for profit and loss in the business:

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Capitalist

Entrepreneur

Labour

Middleman

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