Question # 1

To derive economic laws deductive method was adopted by

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Classical school of thought

Neo classical school of thought

Historical school of thought

Modern school of thought

Under consumption or over saving theory is presented by

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Prof Hobson, Foster and Catchings

Prof Hawtrey

Prof Keynes

Prof Jevons

Second factor of production is

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Land

Labour

Capital

Organization

One of the following is not the method to control deflation

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Decrease in public expenditures

Decrease in interest rate

Decrease in income tax

increase in exports

Basic characteristics of good money are

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General acceptability, durability

Homogeneity,divisibility

Transferability, recognizability, convertibility

All

Cost of a firm on the optimum combination of factors of production is

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Minimum

Maximum

Reasonable

Positive

Inconvertible paper money is issued by

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Central bank

Commercial bank

Industrial bank

Central government

Who did name Economics as the science of mammon worship and dismal science

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Marshall

Keynes

John Ruskin & Carlyle

Pigou

The tax whose burden can be shifted to the customers, is called

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Proportional tax

Progressive tax

Direct tax

Indirect tax

When supply decreases due to fall in price, it is called:

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Fall in supply

Contraction in supply

Expansion in supply

Rise in supply

Who said that you can not become good citizen if you have no economist with you

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Marshall

Pigou

Keynes

Voton

If the face value of a coin is equal to the value of metal used in:

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Legal money

Token money

Standard money

Both b and c

A firm gains abnormal profit, when:

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TR = TC

TR > TC

TR < TC

MC = MR

The duty of a market is not to

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make exchange of goods

contact buyers and sellers

determine price

give maximum output

Marginal productivity theory was presented by

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Adam Smith and Malthus

Marshall and J.B Clark

Robbins and Keyness

Pigou and Cannon

The rate of usher on product of canal land is

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5%

10%

20%

2.5%

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