Question # 1

Meteorological theory of trade cycle was presented by:

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Joseph Schumpeter

Habson Foster

Jevons

Hawtray

One of the following is not included in the characteristics of land

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Land is a gift of nature

All the pieces of land are not equal infertility

Productive capacity of land is limited

Supply of land is unlimited

Who said that economics is science of unlimited wants and limited means

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Adam Smith

Marshall

Pigou

Robbins

All the factors production can be hired except.

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Land

Labour

Capital

Organization

Inflation will be useful for

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Labourers

Consumers

Penioners

Industrialist

The science in which conditions and incidents are checked from a particular point of view, is called

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Positive science

Normative science

Social science

All of three

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

Who did separate economics from political science for the first time

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Marshall

Malthus

Adam smith

Ricardo

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

Which law is applied when marginal utilities of all the purchased goods become equal to each other

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Law of diminishing marginal utility

Law of equi marginal utility

Law of demand

Law of increasing return

Who said that economics is the science of wealth ?

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Adam Smith

Robbins

Marshall

Pigou

"Public finance is that branch of economics which studies the revenue and expenditures of governments institutions, their inter-relationship and financial administration"
This definition is stated by

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Bastable

Armitage Smith

Marshall

Pigou

The cause of extension and contraction of demand is

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Income

Price

Population

Technology

Gross national product means

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Total of price of all goods produced in a country in year

Total of price of all consumer goods produced in the economy during a year

Total of goods and services produced in the economy during a year

Total of monetary value of goods and services produced during a year in the economy

Which economist has stated the definition of balance of payments

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Robbins

Kindleberger

Marshall

Keynes

Meaning of Economics:

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State management

Trade management

Household management

All of them

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