Question # 1

The base of international trade theory of Devid Ricardo is

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Absolute advantage

Comparative cost

Cheaper cost

Low cost

The kind of market, in which a single firm produces a single commodity which has no close substitute

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Monopoly

Duopoly

Oligopoly

Perfect competition

When total utility is increasing marginal utility is

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Zero

Positive

Negative

Maximum

"What performs the functions of money, is money"
This definition of money is stated by

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Prof Walker

Prof Marshall

Prof Crowther

Prof Pigou

The exchange of goods and services from country to country is called

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Foreign

National trade

Corporate trade

Domestic trade

Which economist stated that utility is not measurable

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Adam Smith

Marshall

Cannon

Hicks

First and basic law of consumption is

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Law of demand

Law of decreasing return

Law of supply

Law of diminishing marginal utility

Supply is Fixed of:

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Perishable goods

Free goods

Durable goods

Substitute goods

Marginal revenue product curve is called

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Demand curve of the firm

Supply curve of the firm

Demand curve of the industry

Supply curve of industry

In which year the book named "An enquiry into the nature and causes of the wealth of nations" was written

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1696

1776

1803

1825

Phases of trade cycle are:

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Three

Four

Five

Six

In which year international monetary fund was established

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1941

1944

1945

1947

To increase profit a firm minimises

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revenues

costs

demand

supply

A firm gains abnormal profit, when:

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TR = TC

TR > TC

TR < TC

MC = MR

When supply increases due to rise price, it is called:

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Fall in supply

Contraction in supply

Expansion in supply

Rise in supply

If the demand for a commodity is more elastic, then an entrepreneur in order to increase his profit

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Will increase its price

Will decrease its price

Will not change its price

None of these

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