Question # 1

Net foreign income is

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Exports - imports

Exports + imports

Income received by exports

Income received by imports

If supply goes on increasing due to a slight increase in price, then elasticity of supply is called

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Zero

Infinite

Equal to unity

More than unity

Economic problem arises because human wants

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Are unlimited

Are limited

Do not exists

None of three

Payment of zakat is compulsory for ----------- living in Islamic Country

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Every person

Every Muslim

Only Poor Muslim

Only Sahib-e-Nisab Muslim

When marginal utility is zero, then total utility is

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Minimum

Positive

Maximum

Zero

Law of diminishing return is more applicable in:

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Trade sector

Industrial sector

Agricultural sector

Education sector

Unity method to measure elasticity of supply is presented by

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Adam Smith

Robbins

Marshall

Faruson

MRP curve of a factor represents:

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Demand of factors

Supply of factors

Price of factors

Both a and c

Which one of the following stated the canons of taxation first

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Adam Smith

Marshall

Robbins

Keynes

Measurement of arc elasticity of demand was present:

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Keynes

Marshall

Adam smith

R.G.D Allen

If two goods are complimentary, cross Elasticity of demand will be:

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Zero

Infinite

Positive

Negative

When average cost falls marginal cost is ---------------- average cost

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More than

Less than

Equal to

A and C

If elasticity of supply is less than unity then extending supply curve downward, it passes through or crosses

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y-axis

x-axis

Point of origin

Becomes vertical

Law of increasing return is also known as:

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Increasing cost

Constant cost

Diminishing cost

Both (a) and (c)

One of the following is not the monetary measure to control inflation

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Increase in bank rate

Open market operation

Increase in the ratio of reserve capital of the banks

Increase in taxes

The base of international trade theory of Adam Smith is

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Absolute advantage

Comparative cost

Cheaper cost

Low cost

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