Question # 1

Absolute advantage theory was presented by

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Adam Smith

Prof Walker

Ricardo

Marshall

There exists a relationship between inflation and deflation

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Increasing

Inverse

Indirect

None of three

Self owned resources are known as:

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Implicit cost

Explicit cost

Opportunity cost

Sunk cost

In perfect competition number of firms is

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One

Two

A few

Large

Who did give economics the status of positive science

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Marshall

Robbins

Cannon

Pareto

Transfer payment means:

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Rent transfer

Wages transfer

Reward without services

Profit transfer

If the rate of tax increase with the increase of level of income, is called

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Progressive tax

Proportional tax

Regressive tax

Value added tax

Under monopoly average revenue curve remains ______ the marginal revenue curve

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Below

Above

Parallel to

None of three

Law of increasing return is more applicable in:

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Trade sector

Industrial sector

Agricultural sector

Power sector

Reserve price of a commodity is that price

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Which is more than the cost of production of the seller

At which the seller sells his commodity tn the market

Which is equal to the cost of production of the seller

Below which the seller is not ready to sell his commodity

Zakat is part of the present income

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20th

30th

40th

50th

The tax which is levied on the sale of goods is called

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Income tax

Property tax

Gift tax

Sales tax

If there are large number of firms in some particular industry, then situation is called

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Perfect competition

Imperfect competition

Monopoly

Monopolistic competition

The tax whose burden can be shifted to the customers, is called

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Proportional tax

Progressive tax

Direct tax

Indirect tax

One of the following is not disadvantage of international trade

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Dependence on production of limited goods

Supply of goods injurious to health

Bitter pill for political freedom

Development of civilization & culture

The costs which increase with the increase in output and decrease with the decrease in output, are called

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Variable costs

Fixed costs

Average costs

Marginal cost

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