Question # 1

Organization means an individual or institution which with optimum factor combination

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Lays foundation of business always earning profit

Lays foundation of business but does not accept the responsibility of profit and loss

Lays foundation of business but accepts the responsibility of profit and loss

Serves as a manger in the business and receives remuneration

The most clear and comprehensive definition of economics is given by

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Adam Smith

Alfred Marshall

Robbins

A.C. Pigou

Laws of return are

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Two

Three

Four

Five

Economy gets prosperity during

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Recession

Depression

Boom

Recovery

Rent of the building, interest of the capital and salaries of the permanent staff etc are called

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Fixed costs

Variable

Marginal cost

Average cost

In which of the following condition theory of international trade is presented

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Monopoly

Duopoly

Monopolistic competition

Perfect competition

A monopolist controls the supply

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Totally

Partially

More

Not at all

During inflation prices are

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Zero

Low

Increase

Constant

Study of large units of the economy is known as:

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Micro economics

Macro ecnomics

Applied economics

All of them

Which of the following is not invisible trade

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Expenditure on education in other country

Expenditure on imported machinery

Expenditure of passengers traveling by air

Expenditure of goods carried by a ship

When total production decreases, marginal product is:

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Positive

Negative

Zero

Infinite

To the name of which economist, canons of taxation are attributed

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Adam smith

Robbins

Pigou

Keynes

The expected rate of profit from a business is known as:

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Multiplier

Accelerator

Marginal efficiency of capital

Both a and b

Under increasing return, the slope of marginal product curve is

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Positive

Negative

Infinite

Zero

At shut down position:

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AC = AR

AVC = AR

AVC < AR

AVC > AR

Wages of temporary labourers are

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Fixed cost

Marginal cost

Total cost

Variable cost

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