Question # 1

Who did give economics the status of positive science

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Marshall

Robbins

Cannon

Pareto

When price increases, supply:

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Contracts

Expands

Remains fixed

Becomes zero

Due to rise in demand, demand curve shifts to

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Right

Left

Both sides

None of these

Balance of payment of a country is favourable when its

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Receipts are more than payments

Receipts are less than payments

Receipts are equal to payments

None of three

Concept of law of diminishing marginal utility was presented by professor

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Marshall

Robbins

Keynes

Pigou

Expenses of wears and tears of machinery are called

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Productive expenses

Non productive expenses

Wages

Depreciation expenses

In perfect competition the average revenue curve is

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Vertical

Horizontal

Rising

Declining

According to professor Ackley Gardener, amounts are included in national income

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Wages

Rents and interests

Profits

All the three

The most clear and comprehensive definition of economics is given by

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Adam Smith

Alfred Marshall

Robbins

A.C. Pigou

In a production process, when units of variable factors along with the fixed factor of production are increased, marginal cost remains the same, this tendency in economics is called

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Law of decreasing cost

Law of constant cost

Law of increasing cost

Law of decreasing return

Fourth factor of production is called

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Land

Labour

Capital

Organization

During the phase of recession prices of goods

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Start rising

Start falling

are highest

are lowest

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 money whose face value and intrinsic value are different

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Token money

Standard money

Legal money

Near money

Balance of payment of a country is balanced when its

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Receipts are more than payments

Receipts are less than payments

Receipts are equal to payments

None of three

Objective of a rational consumer is

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To save maximum amount from his limited income

To buy goods at minimum price

Best choice from existing economic goods

To attain maximum utility from the spent amount

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