Question # 1

The whom individuals Marshal included in definition of economics

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Service of teachers

People living in forests

Trading professionals

People living in caves

Transfer payments are included in

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Gross domestic income

National income

Disposable personal income

Personal income

Law of decreasing return is also known as:

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Increasing cost

Constant cost

Diminishing cost

Both (a) and (c)

Income elasticity of demand is concerned with

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Income and consumption of wealth

Income and demand for good

Price and income of the consumer

Price and demand for good

Unity method to measure elasticity of supply is presented by

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Adam Smith

Robbins

Marshall

Faruson

In a production process, when units of variable factors along with the fixed factor of production are increased, marginal cost remains the same, this tendency in economics is called

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Law of decreasing cost

Law of constant cost

Law of increasing cost

Law of decreasing return

Government needs public finance

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For the defence of frontiers

To maintain law and order in the country

For the payment of salaries of government employees

For the welfare of the people

Which one of the following is direct tax

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Sales tax

Import duty

Export duty

Income tax

Fourth factor of production is called

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Land

Labour

Capital

Organization

The second name of law of constant return is

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Law of decreasing cost

Law of increasing cost

Law of cost

Law of constant cost

Which one is not condition of perfect competition

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Homogeneity of good

Difference in price of good

Large number of buyers and sellers

Perfect knowledge of market

Which is not studied in micro economics

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Theory of consumer behavior

Price theory

Theory of money

Theory of distribution of wealth

International trade is based on the following except

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Different factors of production are required for the production of different goods

Factors of production exist in different ratios in different countries

Factors of production are in abundant quantity in different countries

Factors of production are in limited quantity in different countries

The first great depression was appeared in:

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1934

1930

1932

1936

During the phase of recovery prices, wages, interest rate and profits

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Start falling gradually

Start rising gradually

are highest

are lowest

In order to satisfy some wants, more than one commodities are needed. Demand for such commodities is called

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Joint demand

Composite demand

Derived demand

Direct demand

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