Question # 1

Under increasing return, the slope of marginal product curve is

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Positive

Negative

Infinite

Zero

Unitary method is also known as:

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Total revenue

Total satisfaction

Total utility

Total expenditure

Elasticity of supply is the name of

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Change in price

Change in income

Feature of change in supply

Change in price and income

"Principles of Economics" was written by.

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Adam smith

Marshall

Robbins

Canon

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

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y-axis

x-axis

Point of origin

Becomes vertical

A firm gains normat profit, where:

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P=AC

P>AC

P<AC

AC>AR

If demand curve is parallel to y-axis, then elasticity of demand is

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Equal to unity

More than unity

Less than unity

Zero

Who said that economics is science of wealth

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Adam smith

Robbins

Marshall

Pigou

Additional amount of money which a firm gets by selling an additional unit of output is called

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Average revenue

Marginal revenue

Total revenue

Revenue

If price increases but supply remains constant, it is called:

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Fall in supply

Contraction in supply

Expansion in supply

Rise in supply

In which of the following condition theory of international trade is presented

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Monopoly

Duopoly

Monopolistic competition

Perfect competition

Shape of market supply curve is

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Horizontal or parallel to ox curve

Vertical or parallel to oy curve

Positively sloping

Negatively sloping

Gross national product means

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Total of price of all goods produced in a country in year

Total of price of all consumer goods produced in the economy during a year

Total of goods and services produced in the economy during a year

Total of monetary value of goods and services produced during a year in the economy

Which thing should be added in net national product to get gross national product

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Direct taxes

Indirect taxes

Depreciation allowance

Subsidies

In between how many countries international trade takes place under comparative cost theory

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Two

Three

Four

Many

One of the following is not the characteristic of money

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General acceptability

Durability

Non homogeneity

Convertibility

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