Question # 1

Elasticity of demand for substitute and jointly demanded goods is called

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Income elasticity

Arc elasticity

Cross elasticity

Point elasticity

The additional cost which a firm has to bear in order to produce additional unit of output, are called

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Average cost

Marginal cost

Fixed costs

Variable costs

Market value of all final goods and services is known as:

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N.I

G.N.P

N.N.P

Both a and b

If 50% change in demand in reposne of 50% change in price then:

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Elasticity of demand = 1

Elasticity of demand < 1

Elasticity of demand > 1

Elasticity of demand = 0

The goods on which law of demand does not apply, are called

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Services

Goods and services

Giffin goods

Capital goods

Number of factors of production is

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One

Two

Three

Four

If face value is equal to the metal value of a coin, it is called as

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Paper money

Token money

Credit money

Standard money

"Public finance is that branch of economics which studies the revenue and expenditures of governments institutions, their inter-relationship and financial administration"
This definition is stated by

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Bastable

Armitage Smith

Marshall

Pigou

"A trade cycle is completed in three years four months" This is stated by

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Prof Kitchen

Prof Jugglar

Prof Jevons

Prof Pigou

Who did say that Economics is science of material welfare

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Adam smith

Marshall

Ricardo

Robbins

Over investment and over saving theory was given by:

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Joseph Schumpeter

Habson Foster

Jevons

Hawtray

MPP stand is

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Marginal price product

Marginal Physical Product

Marginal Physical Price

Marginal Perfect Price

One of the following is a fixed capital:

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Raw material

Machinery

Saving certificate

None of these

Demand for luxuries in

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Les elastic

More elastic

Perfectly elastic

Perfectly inelastic

If demand and supply both fall in the same proportion

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity increases

Under increasing return, the slope of marginal product curve is

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Positive

Negative

Infinite

Zero

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