| 1 |
Industry is in equilibrium under perfect competition in the long run, when every existing firm in the industry |
- A. Is earning abnormal profit
- B. Is earning normal profit
- C. Is facing minimum loss
- D. Is facing abnormal loss
|
| 2 |
Theory of sun-spot was presented by |
- A. Prof Jevons and Henry L, Moor
- B. Prof Pigou and begehot
- C. Prof Hobson
- D. Prof Cassel
|
| 3 |
One of the following is not the assumption of quantity theory of money |
- A. Velocity of circulation of legal money should not change
- B. Velocity of Circulation of credit money should not change
- C. Quantity of hoardings should not change
- D. Quantity of goods and services should go on changing
|
| 4 |
If the ratio of change in demand is equal to the ratio of change in price, elasticity of demand will be |
- A. More than unity
- B. Less than unity
- C. Equal to unity
- D. Infinite
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| 5 |
Modern theory of international trade was presented by: |
- A. Adam smith
- B. David Ricardo
- C. Hecksher and Ohlin
- D. Marshall
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| 6 |
Modern theory trade cycle was presented by: |
- A. Hawtrey
- B. Habson Foster
- C. Jevons
- D. J.R Hicks
|
| 7 |
Price discrimination policy refers to: |
- A. Single price
- B. Two prices
- C. Multiple prices
- D. None of these
|
| 8 |
Branches of public finance are |
- A. Two
- B. Three
- C. Four
- D. Five
|
| 9 |
"Anything which is generally accepted as a medium of exchange and also performs the functions of standard of value and a store of value is money"<br>This definition of money is stated by |
- A. Prof Walker
- B. Prof Marshall
- C. Prof Crowther
- D. Prof Pigou
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| 10 |
Which one of the following does not exist during deflation |
- A. Production decreases
- B. Value of money increases
- C. Supply of goods and services increases from their demand
- D. Level of employment increases
|