MCQs Economics – 2

1. When the price falls, supply will be

2. The quality of a good which satisfies a human want is called as

3. The elasticity of demand for durable goods is

4. The unity method of elasticity of demand was presented by

5. When the price of a product falls, supply will be

6. Inflation on prices

7. Who is the writer of “The Wealth of Nations”?

8. Phases of the trade cycle are

9. What remains after the deduction of direct taxes form the personal income

10. Consumer goods are those goods that are used by a man

11. Who criticized Prof. Robbin’s definition?

12. Who wrote “The Nature and Significance of Economics”?

13. International trade has the benefits

14. Canons of taxation describe

15. What was the difficult of the “barter system”?

16. The slope of a demand curve is

17. According to the law of diminishing marginal utility, the marginal utility

18. What is deducted from GNP finds GDP?

19. When does national income increases

20. Which economist presented the Cardinal Theory of Utility