Question # 1

Utility attained by the consumption of first unit of a commodity is called

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Positive utility

Negative utility

Initial utility

Zero utility

Which factor combines other three factors ?

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Land

Labour

Capital

Organization

Shape of market supply curve is

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Horizontal or parallel to ox curve

Vertical or parallel to oy curve

Positively sloping

Negatively sloping

If the total expenditure of the consumer decreases due to decrease in price, then nature of elasticity of demand will be

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Equal to unity

Less than unity

More than unity

Elasticity of demand = zero

Period in national income counting is

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One year

Two years

Three years

Four years

Supply of goods depends on

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price

income

income and price

utility

Which combination of the following is of joint demand

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Tea and coffee

Petrol and car

Meat and grocery

Inkpot and book

Reward of Land is called.

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Rent

Wage

Interest

Profit

Under consumption or over saving theory is presented by

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Prof Hobson, Foster and Catchings

Prof Hawtrey

Prof Keynes

Prof Jevons

According to neo classical approach, output is the function of:

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Labour

Capital

Organization

Both (a) and (b)

According to which economist, duration of a trade cycle is 9 to 10 years

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Prof Kitchen

Prof Jugglar

Prof Pigou

Prof Kondratieff

To which area of England Adam Smith belonged

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Wales

Scotland

Ireland

London

TU is maximum where MU of all goods is:

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Minimum

Maximum

Negative

Equal

Because of increase in national income

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Standard of living rises

Standard of living falls

No change occurs

None of three

According to which economist some trade cycles complete their cycle during a period of fifty years or sixty years

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Prof Kitchen

Prof Jugglar

Prof Pigou

Prof Kondratieff

Non elastic demand curve is

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positive

negative

vertical

horizontal

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