Question # 1

"The nature and significance of economic sciences" was written by:

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Adam smith

Marshall

Robbins

Canon

Individual income means

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Total of incomes received from any means by the people

Total of incomes of entrepreneurs of the country

Income of a particular person

Income of a family

Quantity theory of money was criticised by

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Prof. Keynes

Prof Marshall

Prof Pigou

i and ii both

Price of perishable goods is determined in:

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Very short period

Very long period

Day to Day

Both (a) and (c)

Under perfect competition:

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AR > MR

AR < MR

AR = MR

All of three

World economic depression accured in

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1927

1928

1929

1931

When average product decreases, marginal product

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Increases

Is zero

Is equal to average product

Is less than average product

Which laws are definite and universal

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Economic laws

Moral laws

State laws

Scientific laws

The systematic record of the money value of visible exports and visible imports of one year of country is called

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Balance of trade

Balance of payment

International balance

External balance

During boom, a government prepares budget which is

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Balanced

Surplus

Deficit

Unbalanced

Marginal cost curve cuts average cost curve when average cost is

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Maximum

Minimum

Increasing

Decreasing

Which law is applied when marginal utilities of all the purchased goods become equal to each other

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Law of diminishing marginal utility

Law of equi marginal utility

Law of demand

Law of increasing return

If there is slight change in price and demand, it is called

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Arc elasticity

Point elasticity

Income elasticity

Cross elasticity

Reserve price of a commodity is that price

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Which is more than the cost of production of the seller

At which the seller sells his commodity tn the market

Which is equal to the cost of production of the seller

Below which the seller is not ready to sell his commodity

The first great depression was appeared in:

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1934

1930

1932

1936

When supply changes due to other factors besides price, it is called

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Rise of supply

Fall of supply

Rise and fall of supply

Extension and contraction of supply

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