Question # 1

One of the following is considered as capital:

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Land

Labour

Raw material

Both (a) and (b)

During depression, a government prepares budget which is

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Balanced

Surplus

Deficit

Unbalanced

Slope of average revenue and marginal revenue cures under monopoly is

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positive

negative

zero

none of three

Basic object of a firm is to get maximum:

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Price

Profit

Production

All of three

Dividing total revenue by the sold units of output, is attained

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Average revenue

Marginal revenue

Total revenue

Average cost

Price and demand has a relationship:

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Negative

Positive

Functional

Both a & c

Expenses of wears and tears of machinery are called

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Productive expenses

Non productive expenses

Wages

Depreciation expenses

National Income is also known as:

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National product

Total expenditure

Total population

Both a and b

The average duration of trade cycle is:

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Five years

Fifty years

Twenty years

Ten years

Which economist stated that utility is not measurable

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Adam Smith

Marshall

Cannon

Hicks

Inflation is created

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When demand for goods is less than their supply

When demand for goods is more than their supply

When demand for goods becomes equal to their supply

When demand and supply of goods do not change

According to which theory every factor of production gets the reward of its services equal to its marginal product

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Demand and supply theory

Liquidity preference theory

Marginal productivity theory

Uncertainty theory

In which phase of a trade cycle national product, wages, prices and profits reach at their peak

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Recovery

Boom

Recession

Depression

If demand rises more proportionately than that of supply, then

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity decreases

The term "Price Taker" is used in:

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Perfect competition

Oliogopoly

Monopoly

Monopsony

Which one of the following stated the canons of taxation first

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Adam Smith

Marshall

Robbins

Keynes

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