Question # 1

Finance minister in order to increase the public revenue, imposes tax on the commodities whose demand is less elastic

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At low rate

At high rate

Some times decreases the tax rate and some times increases the tax rate

Does not change tax rate

One of the following is not advantage of international trade

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Provision of necessities of life

Imperfections of market

Provision of medicines & machinery

Provision of necessities of defence

One of the following is not the fiscal measure to control inflation

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Decrease in public expenditures

Increase in the value of money

Increase in taxes

Encouragement of saving

Are included in welfare economist

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Ricardo and J.S. Mill

Robbins and Keynes

Cannon and Pigou

Malthus and Keynes

Difficulties in barter system:

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Lack of double coincidence of wants

Lack of storing value

Lack of common measure of value

All of these

The goods which are jointly demanded are called:

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Substitute goods

Complimentary goods

Alternative goods

None of these

One of the following is not included in explicit cost

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Wages of labourers

Reward of entrepreneur's personal labour

Price of raw material

Interest of capital

Which of the following stated that utility is measurable

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Marshall

Adam Smith

Robbins

Keynes

If the rate of change in price and quantity demand is in equal ratio, then Elasticity of demand is:

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Equal to zero

Equal to one

Smaller than one

Greater than one

Who did present unity method to measure elasticity of demand

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Adam Smith

Marshall

Robbins

keynes

If every person pays tax according to his capacity, it is called

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Canon of certainly

Canon of equality

Canon of productivity

Canon of convenience

The paper notes which can not be converted in gold, silver, or foreign exchange, are called

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Standard money

Convertible paper money

Inconvertible paper money

Legal tender money

During inflation increase

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Exports

Savings

Consumption

Inequality of income

When Ac is rising:

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AC = MC

MC > AC

MC < AC

Both (b) and (c)

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

Individuals of a country produce a certain quantity of goods and services using the resources of the country with the help of their capital, it is called national income this definition is presented by

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Professor Marshall

Professor Paul A Samuelson

Professor Fisher

Professor Pigou

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