Question # 1

According to law of diminishing marginal utility, Utility of every new (Additional) unit of commodity

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Increases

Decreases

Remains constant

None of these

On which amount Zakat is payable

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Twenty thousand rupees

On the amount equal to the value of 7.5 tola gold or 52.5 tola silver

On fifty thousand rupees

On one lac rupees

Under monopoly average revenue curve remains the marginal revenue curve

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Below

Above

Parallel

None of these

Under perfect competition average revenue is equal to:

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Average cost

Price

Marginal revenue

Both b and c

If the demand for a commodity is less elastic, then an entrepreneur in order to increase his profit

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Will increase its price

Will decrease its price

Will not change its price

None of these

Elasticity of demand for the commodities which have substitutes, is

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More elastic

Less elastic

Infinite

Zero

Who did criticise the definition of Robbins

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Marshall

J.B. Clark

Beveridge

Pigou

The trade that takes place between the inhabitants of two countries is called

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Domestic trade

International trade

National trade

Regional Trade

Cardinal utility approach was presented by:

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Adam smith

Keynes

Robbins

Marshall

A firm suffers abnormal losse, when:

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AC = AR

AVC = AR

AVC < AR

AVC > AR

Which is not included in variable cost

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price of raw material

Advertisement expenditures

rent of builiding

wages of labour

After subtracting depreciation allowance from gross national product is known

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National income

Net national product

Personal income

Gross domestic product

If supply of a commodity changes by more than 10% due to 10% change in its price, then elasticity of supply will be

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Equal to unity

More than unity

Less than unity

Infinite

One of the following is not included in the sources of public revenue

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Tax

Fee

Defence

Fines

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%

Utility can not be measurable who has said

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Marshall

Hicks

Pigue

Adam Smith

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