Question # 1

Who said that economics is the science of material welfare ?

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Adam smith

Marshall

Ricardo

Robbins

In monopoly, when total revenue of a firm is maximum, then its marginal revenue is

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Maximum

Minimum

Zero

Negative

Expenditures of repair of machines are called

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Unproductive expenditures

Productive expenditures

Rewards

Depreciation allowance

Balance of payment of a country is favourable when its

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Receipts are more than payments

Receipts are less than payments

Receipts are equal to payments

None of three

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

A firm suffers abnormal losse, when:

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AC = AR

AVC = AR

AVC < AR

AVC > AR

When demand for a commodity changes due to the change in price of some other commodity, it is called

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Point elasticity

Arc elasticity

income elasticity

cross elasticity

If income of the government is more than its expenditures, such budget is called

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Surplus budget

Deficit budget

Balanced budget

Capital budget

Oligopoly means:

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Single seller

Two seller

Multiple sellers

Multiple buyers

The term "Price Taker" is used in:

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Perfect competition

Oliogopoly

Monopoly

Monopsony

Which of the following stated that utility is measurable

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Marshall

Adam Smith

Robbins

Keynes

Utility of the last unit of a commodity consumed is called

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Positive utility

Negative utility

Total utility

Marginal utility

If demand is not influenced by the changes in price, elasticity of demand will be

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Equal to unity

More than unity

Less than unity

Zero

At last, indirect tax is paid by

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Shopkeeper

Entrepreneur

Customer

Whole-seller

If total expenditure of the consumer decreases due to increase 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

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

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