Question # 1

Market equilibrium take place where:

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D = S

D > S

D < S

Both (b) and (c)

Total product decreases, when marginal product is

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Positive

Negative

Zero

None of these

A monopolistic firm has control of

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Whole market supply by one firm

Whole market supply by two firms

Whole market supply by a few firms

None of these

Law of diminishing return is more applicable in:

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Trade sector

Industrial sector

Agricultural sector

Education sector

Cannot be separated from labourer

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Land

Labour

Capital

Organization

Market equilibrium is determined when

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Demand = supply

Demand > supply

Demand < supply

Demand = zero

The price at which entrepreneur has a sufficient time to meet the demand, is called

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Market price

Normal price

Reserve price

Normal price

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

"General theory of employment, interest and money" was written in:

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1930

1936

1932

1890

A big change in demand and price is called:

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PointElasticity of demand

ArcElasticity of demand

CrossElasticity of demand

PriceElasticity of demand

Inflation is created

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When demand for goods is less than their supply

When demand for goods is more than their supply

When demand for goods becomes equal to their supply

When demand and supply of goods do not change

Quickly destroyable goods are called

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Superior goods

Inferior goods

Perishable goods

Giffen godds

National income at factor cost is equal to:

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G.N.P - Subsidies + taxes

N.N.P - Direct tax + Subsidies

G.D.P - Subsidies + taxes

N.N.P - Indirect tax + Subsidies

When average cost curve is rising, then marginal cost curve

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Remains below it

Remains above it

Remains parallel to it

Is vertical

Absolute advantage theory was presented by

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Adam Smith

Prof Walker

Ricardo

Marshall

What is deducted from the GNP to get GDP

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Depreciation allowances

Net income received from abroad

Indirect tax

Transnfer payments

"Principles of Economics" was written by.

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Adam smith

Marshall

Robbins

Canon

If the demand for a commodity is less 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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