1. When average cost increases marginal cost is

a. below average cost

b. above average cost

c. equal to average variable cost

d. equal to average cost

2. If the elasticity of demand for a good is equal to (-)2 then a 1 percent price rise will

a. raise the quantity demanded by 2 percent

b. raise the total revenue by 1 percent

c. lower the quantity demanded by 2 percent

d. lower the quantity demanded by 1 percent

3. Expenditure on which of the following is, not considered investment in the theory of income determination ?

a. Stocks, or shkres. in a joint-stock company

b. Factory construction

c. Increase in stocks of unsold goods

d. A computer

4. An upward and leftward movement of an upward-sloping supply curve for a commodity could be caused by all of the following, except

a. the imposition of an excise tax

b. a shift of tastes in favour of the product

c. a fall in productivity

d. a rise in production costs

5. In a capitalist economy, the pattern of output is determined

a. by the demand and supply powers

b. by the central authority

c. according to the decisions of the owners of firms

d. according to customs

6. VAT scheme is ex~ected to

a. raise the prices of foreign goods

b. raise the prices of luxury goods

c. lower the prices of goods of I everyday use

d. avoid repeated payment of duty from the raw materials stage to the final product and thus reduce the burden of duty on the final product

7. Development means economic growth plus

a. price stability

b. social change

c. inflation

d. deflation

8. Which of the folowing businesses would probably find it easiest to borrow money from complete strangers ?

a. A private joint stock cornpany

b. A public joint stock company

c. A partnership of 50 years' standing

d. Any partnership

9. Disguised unemployment is the prominent feature of

a. tertiary sector

b. secondary sector

c. primary sector

d. all of the above

10. If income is below equilibrium

a. income will tend to rise

b. investment will tend to fall

c. prices will tend to fall

d. stocks of unsold goods will tend to increase

1. World Geography -Test-01

2. World Geography -Test-02

3. World Geography -Test-03

4. Geography of India -Test-01

5. Geography of India -Test-02

6. Geography of India -Test-03

7. Geography of India -Test-04

8. Geography of India -Test-05

9. History of India - Test - 01

10. History of India - Test - 02

11. History of India - Test - 03

12. History of India - Test - 04

13. History of India - Test - 05

14. History of India - Test - 06

15. History of India - Test - 07

16. INM-Test-01

17. INM-Test-02

18. INM-Test-03

19. INM-Test-04

20. INM-Test-05

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