Question # 1

In which year international monetary fund was established

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1941

1944

1945

1947

Cardinal utility approach was presented by:

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Adam smith

Keynes

Robbins

Marshall

In between how many countries international trade takes place under comparative cost theory

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Two

Three

Four

Many

Which economist said that the term demand for money should be used instead of circulation of money

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Prof Keynes

Prof Marshall

Prof Crowther

Prof Fisher

Production which is produced with a particular combination of factors of production, is called

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Total product

Average product

Marginal product

Positive product

As factor of production, river and sea are called

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Land

Labour

Capital

Organization

MRP curve is slopping:

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Negative

Positive

Downward

Both a and c

The goods which can be used in place of each other, are called

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Complimentary goods

Substitute goods

Alternative goods

Jointly demanded goods

In case of perfectly elastic supply or infinite elasticity of supply, supply curve is

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Horizontal (parallel to x-axis)

Vertical (parallel to y-axis)

Positive sloped

Negative sloped

In law of increasing cost, marginal cost

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Increases

Decreases

Remains constant

Remains fixed

Transfer payments are included in the income

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National income

Gross domestic product

Personal income

Disposable personal income

National income at factor cost is equal to:

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G.N.P - Subsidies + taxes

N.N.P - Direct tax + Subsidies

G.D.P - Subsidies + taxes

N.N.P - Indirect tax + Subsidies

With an increase in the price of any good its substitutes will have

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a fall in its price

an increase in its prices

an increase in its demand

a decrease in its price

Reserve price of a commodity is that price

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Which is more than the cost of production of the seller

At which the seller sells his commodity tn the market

Which is equal to the cost of production of the seller

Below which the seller is not ready to sell his commodity

Founder of modern school of thought:

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Adam smith

Marshall

Ricardo

Robbins

Market price will be determined where

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Supply is more than demand

Demand is more than supply

Demand and supply are equal

Demand is less elastic and supply is more elastic

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