Question # 1

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

Which one of the following is not called Gross national product

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Economic national product

Joint national product

Composite national product

All the three

Market equilibrium is attained when there exists in the market

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Perfect competition

Imperfect competition

Monopoly

Large quantity of commodity comes in the market

A firm is in equilibrium when its

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Marginal revenue is equal to marginal cost

Marginal revenue is more than marginal cost

Marginal revenue is less than marginal cost

Marginal revenue is equal to average cost

When average product increase, marginal product

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Decreases

Is zero

Is negative

Also increases

The subject matter of Macro Economics is

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Consumer's behavior

International trade

Firm's behavior

Price mechanism

Adam Smith belongs to:

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Poland

Scotland

Ireland

Holland

Cheque, bill of exchange etc are

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Metallic money

Paper money

Credit money

Near money

The goods on which law of demand does not apply, are called

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Services

Goods and services

Giffin goods

Capital goods

Unity method to measure elasticity of supply is presented by

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Adam Smith

Robbins

Marshall

Faruson

Which thing should be added in net national product to get gross national product

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Direct taxes

Indirect taxes

Depreciation allowance

Subsidies

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

When average product is maximum, marginal product is:

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Positive

Equal to AP

Zero

Negative

Period in national income counting is

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One year

Two years

Three years

Four years

______ is not considered perfect money

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Note of ten rupees

Note of hundred rupees

Piece of silver

Note of one thousand rupees

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

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