Question # 1

In modern term, factors of production are called

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Inputs

Productive services

Inputs and productive services

Production of goods and services

National income is total of

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Incomes of all entrepreneurs of the country

Incomes of all industrialists of the country

Incomes of all salaried persons of the country

Incomes of all the people of the country

Convertible paper money is issued by

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Central bank

Commercial bank

Industrial bank

Central government

Who does determine the reserve price

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Buyer

Seller

Government

District adminitration

Economics is a science:

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Political

Spiritual

Social

Scientific

The unit of money by which the value of goods and services is expressed is called

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Paper money

Money of account

Legal tender money

Near money

Who said that economics has the place of intellectual religion

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Cannon

Pigou

Durban

Robbins

Production of the last unit of a factor of production is called

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Total product

Average product

Marginal product

Positive product

Theory of sun-spot was presented by

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Prof Jevons and Henry L, Moor

Prof Pigou and begehot

Prof Hobson

Prof Cassel

One of the following is not the cause of inflation

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Increase in quantity of money

Increase in demand for goods

Increase in supply of goods

Increase in cost of production

Human wants are:

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Limited

Unlimited

Re-appear

Both (b) and (c)

Which characteristic is not found in economic laws

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Not quantitative

Cannot be predicted

No punishment in case of going against law

Definite and universal

The power of a good or service to satisfy a human want is called:

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Value

Price

Utility

All of them

According to Prof. Jugglar a trade cycle comletes in

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Five to six years

Nine to ten years

Ten to eleven years

Eleven to twelve years

In which phase of a trade cycle production, employment, wages and rate of interest etc start rising gradually

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Boom

Depression

Recovery

Recession

When total product increases, marginal product

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Is positive

Is negative

May be positive or negative

Is zero

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