Question # 1

Which side of life of human being is analysed in economics

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Political

Social

Economic

Moral

Market value of all final goods and services is known as:

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N.I

G.N.P

N.N.P

Both a and b

Human wants are:

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Limited

Unlimited

Re-appear

Both (b) and (c)

Because of increase in national income

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Standard of living rises

Standard of living falls

No change occurs

None of three

If income of government is less than its expenditures, then it is a

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Surplus budget

Deficit budget

Development budget

Balanced budget

Slope of demand curve of exceptions of law of demand is

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Negative

Positive

Zero

Fixed

International Monetary fund is

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Local

Regional

National

International

The systematic record of the money value of visible exports and visible imports of one year of country is called

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Balance of trade

Balance of payment

International balance

External balance

According to law of diminishing marginal utility, marginal utility of a commodity

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Increases

Decreases

Remains constant

Become negative

According to which economist, utility is measureable

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Marshall

Adam smith

Robbins

Keynes

Feature of a commodity to satisfy human want, is called

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Value

Usefulness

Utility

Wealth

Comparative cost theory is also called

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Theory of comparison cost

Theory of specialization of cost

Theory of balanced cost

Theory of specialization of production

Demand for Giffen goods is:

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Negative

Vertical

Positive

All of them

Demand for good like Television and VCR is

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Less elastic

More elastic

Perfectly inelastic

Infinitely elastic

Which one is not studied in micro economic

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National income

Consumer behavior

Market equilibrium

Firm's equilibrium

When average cost is minimum, marginal cost is - - - - - - - - average cost

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Less than

More than

Equal to

None of three

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