Question # 1

The costs which a firm bear only in case of producing commodities

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Fixed costs

Variable costs

Total costs

Average fixed cost

Quantity of a commodity which the consumers are ready to purchase at a particular price, is called

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Demand

Supply

Stock

Demand and supply

A firm gains normat profit, where:

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P=AC

P>AC

P<AC

AC>AR

If the face value of a coin is greater than the value of metal used in:

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Legal money

Token money

Standard money

Both b and c

"A trade cycle is fluctuation in employment, production and prices" This definition of Trade cycle is stated by

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Prof Keynes

Prof Mitchall

Prof Hanson

Prof Haberler

A firm suffers abnormal losse, when:

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AC = AR

AVC = AR

AVC < AR

AVC > AR

All the factors production can be hired except.

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Land

Labour

Capital

Organization

Under monopoly, number of firms is

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Large

Few

One

Two

The goods which are jointly demanded to satisfy a want, are called

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Complimentary goods

Substitute goods

Alternative goods

inferior goods

Marginal utility always:

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Decreases

Increases

Zero

Negative

Law of decreasing return is also known as:

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Increasing cost

Constant cost

Diminishing cost

Both (a) and (c)

Study of large units of the economy is known as:

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Micro economics

Macro ecnomics

Applied economics

All of them

Unity method to measure elasticity of demand was presented by

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Adam smith

Robbins

Marshall

Keynes

When demand increases due to change in other factors it is known as:

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Contraction in demand

Expansion and contraction in demand

Expansion in demand

Rise in demand

When after the observation and analysis of the conditions, they are stated as they are, is called

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Normative science

Positive science

Vegetation science

Science of Prediction

The amount of money which a firm gets by selling a particular quantity of output, is called

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Average revenue

Marginal revenue

Total revenue

Fixed cost

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