Question # 1

Demand for good like Television and VCR is

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Less elastic

More elastic

Perfectly inelastic

Infinitely elastic

When the price of a commodity increases but its demand does not change, this situation is called

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Constant demand

Fall of demand

Rise of demand

Contraction of demand

Utility attained by all the units of a commodity consumed

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Positive utility

Negative utility

Total utility

Marginal utility

Propounder of economics was

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Robbins

Marshall

Adam smith

Keynes

Quantity theory of money was introduced by:

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Fisher

Marshall

Crowther

J.S Mill

Total utility decreases when marginal utility is

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Positive

Negative

Zero

Maximum

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

Net foreign income is

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Exports - imports

Exports + imports

Income received by exports

Income received by imports

Economics is concerned with the attainment of material requisites

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Robbins

Marshall

Pareto

Senior

When there are small and minor changes in price and demand then

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Price elasticity

Income elasticity

Cross elasticity

Point elasticity

Under monopoly, in the long run a firm

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Earns normal profit

Earns abnormal profit

Bears minimum loss

Bears abnormal loss

If demand decreases by 5% due to 10% increase in Price, then elasticity of demand is

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Equal to unity

More than unity

Less than unity

Zero

The non-material activities which have the ability to satisfy human wants indirectly, are called

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Goods

Services

Satisfaction

None of the three

Cause of positive slope of supply curve

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Change in cost of production

Fear of increase in cost of production and decrease in profit

Change in technique of production

Increase in per unit profit due to increase in price

Balance of visible goods of a country mean

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Quantity of imports & exports

Value of imports & exports

Value of imported & exported goods and services

Value of imported & exported services

When marginal product is zero, total product is

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Maximum

Minimum

Negative

Zero

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