Question # 1

How many are kinds of economics

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Two

Three

Four

Five

In a production process, when units of variable factors along with fixed factor of production are increased, marginal cost goes on rising, this tendency in economics is called

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Law of decreasing cost

Law of constant cost

Law of increasing cost

Law of increasing return

If variable costs of a firm are covered partly under perfect competition, then that firm

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Will run with normal profit

Will run with abnormal profit

Will run with minimum loss

Will not continue its business and close down

Mental or physical work undertaken for reward by human being is called

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Land

Labour

Capital

Organization

The salient features of trade cycle are:

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National in nature

International in nature

Domestic in nature

All of these

According to which economist, utility is measureable

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Marshall

Adam smith

Robbins

Keynes

Economics according to its scope is

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Science

Art

Science & Art

Only positive science

The cause of rise and fall of demand is

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income

price

population

Both 1st and 3rd

Comparative cost theory was presented by

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Marshall

Ricardo

Hecksher

Ohlin

Supply of goods depends upon

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Price

Income

Price and income

Utility

Are included in welfare economist

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Ricardo and J.S. Mill

Robbins and Keynes

Cannon and Pigou

Malthus and Keynes

Long run average cost curve is:

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Planning curve

Envelope curve

Flatter curve

All of three

Founder of new classical school of thought was

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Adam smith

Marshall

Robbins

Keynes

When supply changes due to other factors besides price, it is called

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Rise of supply

Fall of supply

Rise and fall of supply

Extension and contraction of supply

If percentage change in supply is less than the percentage change in price, then elasticity of supply is called

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Equal to unity

Less than unity

More than unity

Zero

Quantity theory of money in the form of an equation was presented by

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Prof Fisher

Prof Taussig

Prof Marshall

Prof Renald

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