Question # 1

In which year international monetary fund was established:

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1941

1944

1945

1947

If supply curve is horizontal (parallel to x-axis) then elasticity of supply is

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Zero

Infinite

Equal to unity

More than unity

Equilibrium level of national income means that point where

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Consumption = saving

Consumption = investment

Income = saving + investment

Saving = Investment

Due to rise in demand, demand curve shifts to

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Right

Left

Both sides

None of these

Economics is a science which studies.

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Production of wealth only

Consumption of wealth only

Optimum use of scare resources

Welfare only

The quantity of commodity which exists in warehouse (stock) of the seller is called

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Supply

Demand

Stock

All of these

In perfect competition number of firms is

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One

Two

A few

Large

In balance of payment are included

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Visible items

Invisible items

Visible and invisible items

Material items

According to neo classical approach, output is the function of:

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Labour

Capital

Organization

Both (a) and (b)

In production process when marginal product increases with the increase in units of variable factors along with fixed factor, this tendency in economics is called

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Law of production

Law of increasing return

Law of decreasing return

Law of constant return

Balance of payment of a country in unfavourable when its

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Receipts are more than payments

Receipts are less than payments

Receipts are equal to payments

None of three

"Quantity of goods and services which is consumed during a year is called national income". This definition of national income is stated by the economist

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Marshall

Pigou

Adam smith

Fisher

Shut down point appears, when

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AVC=AR

AVC>AR

AVC<AR

AC=AR

If total expenditure of the consumer increases due to decrease in price, then nature of elasticity of demand will be

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Equal to unity

Less than unity

More than unity

Elasticity of demand = zero

Want of a commodity is satisfied, when its marginal utility is

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Positive

Zero

Negative

Minimum

Short run cost curves are generally

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flatter

u shaped

saucer shaped

oval

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