Question # 1

The shape of average cost curve in the short period is

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Vertical

Horizontal

Positively sloping

Like English alphabet U

Which book is named "Bible of Capitalism"

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Wealth of nations

Das capital

Principles of economics

General theory of employment, interest and money

Price determined with the equilibrium of demand and supply on some day

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Short period price

Long period price

Market price

Normal price

Slope of demand curve is

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Negative

Positive

zero

fixed

The period in which an economy comes back from prosperity to depression is called

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Recovery

Recession

Boom

Depression

The average duration of trade cycle is:

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Five years

Fifty years

Twenty years

Ten years

If we deduct direct taxes from personal income, we get:

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NNP

GDP

DPI

PI

Basic object of a firm is to get maximum:

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Price

Profit

Production

All of three

Which statement is called subject matter of economics

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Problems of working individuals and their solution

Planning of increase in production

Unlimited wants and limited means

Solution of problems of the individuals living away from the society

If everybody pays tax according to his financial position, it is said

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canon of convenience

canon of Equality

canon of Economy

canon of simplicity

International trade is based on the following except

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Different factors of production are required for the production of different goods

Factors of production exist in different ratios in different countries

Factors of production are in abundant quantity in different countries

Factors of production are in limited quantity in different countries

If the demand for a commodity is more elastic, then an entrepreneur in order to increase his profit

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Will increase its price

Will decrease its price

Will not change its price

None of these

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

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

When total utility is increasing marginal utility is

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Zero

Positive

Negative

Maximum

"What performs the functions of money, is money"
This definition of money is stated by

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Prof Walker

Prof Marshall

Prof Crowther

Prof Pigou

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