Question # 1

Amount of money attained by selling marginal product is called

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Average revenue product

Marginal revenue product

Total revenue product

None of three

When total utility is increasing marginal utility is

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Zero

Positive

Negative

Maximum

Who is the Founder of macro economics ?

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Marshall

Malthus

Adam smith

Keynes

In a production process, when units of variable factors along with fixed factor of production are increased marginal cost goes on falling, this tendency in economics is called

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Law of decreasing cost

Law of increasing cost

Law of constant cost

Law of decreasing return

When marginal utility is negative, total utility:

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Decreases

Increases

Does not change

Negative

One of the following is not included in the characteristics of land

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Land is a gift of nature

All the pieces of land are not equal infertility

Productive capacity of land is limited

Supply of land is unlimited

Founder of neo-classical school of thought:

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Adam Smith

Marshall

Robbins

Keynes

Supply of goods depends on

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price

income

income and price

utility

Quantity of a commodity offered for sale in a market at a certain price during a given period of time, is called

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Stock

Demand

Supply

Quantity demanded

One of the following is not the cause of deflation

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Decrease in demand for goods

Decrease in consumption

Increase in quantity of money

Increase in supply of goods

According to comparative cost theory conditions ------------- in goods and labour market exist

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of monopoly

of duopoly

Monopolistic competition

of perfect competition

Trade cycles can be controlled by:

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Fiscal policy

Monetary policy

Buffer stock schemes

All of these

When demand and supply rise in equal propoertion, the equilibrium price will:

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Fall

Rise

Constant

None of those

The second name of law of decreasing return is

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Law of increasing cost

Law of constant cost

Law of decreasing cost

Law of cost

Dividing total variable costs by the units of output, is attained

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Average fixed cost

Average variable cost

Average cost

Marginal cost

What effects are expected on the purchasing power of money during deflation

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Decreases

Increases

Remains constant

2nd and 3rd

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