Question # 1

If supply does not change despite a change in price, then elasticity of supply is called

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Equal to unity

Less than unity

More than unity

Zero

If supply curve is vertical (parallel to y-axis), then elasticity of supply is

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Zero

Infinite

Equal to unity

More than unity

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

Price of perishable goods is determined in:

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Very short period

Very long period

Day to Day

Both (a) and (c)

The first great depression was appeared in:

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1934

1930

1932

1936

Which laws are framed by parliament

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State laws

Moral laws

Economic laws

Scientific laws

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

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Labour

Capital

Organization

Both (a) and (b)

When total production is maximum, marginal product is:

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Positive

Negative

Zero

Infinite

Non elastic demand curve is

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positive

negative

vertical

horizontal

Factors of production are:

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Two

Three

Four

Five

The money which is not in the form of net cash and is not used at once for business dealing is called

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Near money

Legal Tender money

Credit money

Paper money

Foreign exchange is used in

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Local trade

Regional trade

Domestic trade

International trade

Private individuals can get loan from

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Their relatives, friends and domestic financial institutions

Foreign financial agencies

Foreign government

International financial institutions

A monopolist firm usually earns

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Normal profit

Abnormal profit

Minimum loss

Abnormal loss

If 50% change in demand in response of 30% change in price then:

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Elasticity of demand = 1

Elasticity of demand < 1

Elasticity of demand > 1

Elasticity of demand = 0

Market price will be determined where

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Supply is more than demand

Demand is more than supply

Demand and supply are equal

Demand is less elastic and supply is more elastic

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