Question # 1

According to law of supply, supply curve moves from left to right upward, this tendency is called

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Positive

Negative

Horizontal

Vertical

Who said that economics is positive science ?

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Adam smith

Marshall

Robbins

Keynes

If the total expenditure of the consumer decreases due to decrease in price, then nature of elasticity of demand will be

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Equal to unity

Less than unity

More than unity

Elasticity of demand = zero

Total product decreases, when marginal product is

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Positive

Negative

Zero

None of these

In case of horizontal supply curve, Es is:

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Mero than unity

Less than unity

Zero

Infinite

Which economist said that abundance of definitions has pressed the neck of economics

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Adam Smith

Robbins

Keynes

Pigou

Which is considered as a transfer payment

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wages

salaries

prices

unemployment allowances

When average cost curve is rising, then marginal cost curve

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Remains below it

Remains above it

Remains parallel to it

Is vertical

The second name of law of decreasing return is

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Law of increasing cost

Law of constant cost

Law of decreasing cost

Law of cost

In law of constant return, marginal product

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Increases

Decreases

Remains constant

Remains changing

Which economist said that the term demand for money should be used instead of circulation of money

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Prof Keynes

Prof Marshall

Prof Crowther

Prof Fisher

Economics is a science which studies.

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Production of wealth only

Consumption of wealth only

Optimum use of scare resources

Welfare only

In Macro economies the vital role is played by:

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Marshall

J.R.Hicks

Robbins

Keynes

Under certain conditions, slope of demand curve is

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Negative

Positive

Zero

Fixed

One condition which is not included in perfect competition conditions

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Homogeneity of product

Difference in price

Large number of buyers and sellers

Perfect knowledge of the market

A firm gains normat profit, where:

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P=AC

P>AC

P<AC

AC>AR

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