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Marks: 20 = TIME: 30 minutes Note Write answer to the questions on the objective answer sheet provided. You have four choices for each question as A, B, C and D. The choice which you think is correct; fill the circle in front of that question number. Use marker or pen to fill the circles Cutting or filling to more circles will result in zero mark in that question. Attempt as many questions as piven in objective Type question paper and leave others blank Who is known called as the founder of economics? (a) Ricardo (b) J.S.Mill (c) Robbins (d) Adam Smith When the total utility of a commodity is maximum the marginal utility is (a) Negative (b) Zero (e) Positive (d) Maximum (iiThe elasticity of demand of durable goods is (a) Less than unity(b) Greater than unity(c) Equal to utility (d) Zero (iv) The elasticity of demand of substitutes is (a) More elastic (b) Less elastic (c) Zero elastic (d) Infinite elastic ( When the supply of incommodity increases without change in price it is called (a) Fall in supply (b) Expansion in supply (c) Contraction in supply (d Rise in supply (vi) Due to equal increase in demand and supply the price (a) Increases (b) decreases (c) is the same (d) None of these (vii) Reward of which factor of production is not pre determined? (a) Labour (b) Land (c) Entrepreneur (viii) The law of increasing return is also called as the law of (d) Capital (a) Increasing costs (b) Decreasing costs (c) Equal costs (ix) In general the law of diminishin (d) None of these ww ...
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