Question # 1

Which one of the following stated the canons of taxation first

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Adam Smith

Marshall

Robbins

Keynes

If a person does not pay the amount of the tax from his own pocked on whom it is levied rather shifts its barden on some other person, then it is called

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Direct tax

Indirect tax

Proportional tax

Progressive tax

Which economist did present the concept of macro economics

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Adam Smith

Marshall

Pigou

Keynes

Relationship of value of money with quantity of money is

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Direct

Indirect

Inverse

Positive

If price of a commodity remains constant but its supply decreases or price increases but supply remains constant, it is called

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Rise of supply

Extension of supply

Fall of supply

Contraction of supply

Who did name economics as science of satisfying unlimited wants with limited means

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Marshal

Adam Smith

Robbins

Pigou

Law of equi-marginal utility is also known as:

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Total utility maximizing law

Law of substitution

Law of indifference

All of them

Monopolist firm in the long run

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Always faces loss

Usually faces loss

Usually earns normal profit

Always earns abnormal profit

The percentage part of the agricultural produce is payable as Zakat which is irrigated by natural water

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5%

10%

15%

20%

Under consumption or over saving theory is presented by

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Prof Hobson, Foster and Catchings

Prof Hawtrey

Prof Keynes

Prof Jevons

One of the following is not monetary measure to control inflation

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Increase in bank rate

Open market operation

Increase in ratio of reserve capital

To create constant situation

During depression, increases

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Unemployment

Employment

Profit

Production

One of the following is not the cause of inflation

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Increase in quantity of money

Increase in demand for goods

Increase in supply of goods

Increase in cost of production

When Demand > Supply it will be:

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Shortage

Less supply

More demand

Surplus

Law of diminishing marginal utility provides basis for:

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Law of demand

Law of equi marginal utility

Law of supply

Both (a) and (b)

The goods which are directly consumed by the human-being, are called

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Consumer goods

Capital goods

Industrial goods

None of the three

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