Question # 1

Marginal cost curve cuts average cost curve when average cost is

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Maximum

Minimum

Increasing

Decreasing

Which one of the following public expenditures is related to transport

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Police

Defence

Railway

Public education

Subsidies means:

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Relief price to consumers

Relief in price to Producers

Surplus budget

Both a and b

If the demand for a commodity is more elastic, then an entrepreneur in order to increase his profit

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Will increase its price

Will decrease its price

Will not change its price

None of these

One of the following is invisible item of balance of payment

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Import of motor cars

Exports of cotton

Expenditure of passengers traveling by air

Private investment in foreign country

One of the following is not included in the methods of removing deficit in balance of payments of a country

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Increase in exports

Increase in imports

Devaluation of currency

Decrease in the quantity of money

The best definition of money is stated by

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Marhsall

Crowther

Keynes

Walker

If variable costs of a firm are covered partly under perfect competition, then that firm

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Will run with normal profit

Will run with abnormal profit

Will run with minimum loss

Will not continue its business and close down

The costs which the firm has to bear in every condition in the short period, are called

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Total costs

Fixed costs

Variable costs

Marginal costs

Who does determine the reserve price

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Buyer

Seller

Government

District adminitration

Quantity theory of money was criticised by

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Prof. Keynes

Prof Marshall

Prof Pigou

i and ii both

When marginal utility is zero, than total utility is:

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Minimum

Positive

Maximum

Zero

The most important and basic factor of production is

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Land

Labour

Capital

Organization

Slope of marginal utility curve is

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Positive

Negative

Vertical

Horizontal

Wages of temporary labourers are:

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Fixed cost

Marginal cost

Total cost

Variable cost

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