Question # 1

Elasticity of supply if perishable goods is

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Equal to unity

More than unity

Less than unity

Zero

A system where the goods are exchanged with money is known as:

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Monetary system

Barter system

Coins system

Modified system

"Money is a thing by which payments of agreements of borrowing and pricing are made and general purchasing power is stored in it." This definition of money is stated by the economist

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Prof Marshall

Prof Walker

Prof Keynes

Prof Crowther

Consumer's behaviour means:

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Selection

Purchase

Sale

Both (a) and (b)

Laws of return are

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Two

Three

Four

Five

Exact perdition not possible in:

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Economic laws

Science laws

Moral laws

Social law

One of the following is not the characteristic of money

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General acceptability

Durability

Non homogeneity

Convertibility

Economic laws are:

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Definite and universal

Conditional

Moral

Political

If demand for a commodity changes due to change in price of its substitute, it is called

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Price elasticity

Point elasticity

Cross elasticity

Arc elasticity

Which one of the following is not included in the assumptions of law of supply

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taste of consumer

cost of production

Methods of production

price of raw material

Oligopoly means:

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Single seller

Two seller

Multiple sellers

Multiple buyers

Transfer payments are included in the income

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National income

Gross domestic product

Personal income

Disposable personal income

Who said that economics is positive science ?

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Adam smith

Marshall

Robbins

Keynes

One of the following is not advantage of paper money

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Saving of metals

Saving of coinage

Easy transferability

Perfectly inelastic supply

According to Robbins, the basic concept of Economics is

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Political problem

Economic problem

Psychological problem

Religious problem

Quantity theory of money was introduced by:

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Fisher

Marshall

Crowther

J.S Mill

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