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31.

Who defined consumption as the use of economic goods and personal services in the satisfaction of human wants?

A.	Ely	B.	Keynes
C.	Pigou	D.	Marshall

32.

Which statement is used for classical economist to theory of income and employment?

A.	They thought that supply creates its own demand	B.	Economy produce, output and income corresponding to the level of full employment
C.	Their theory was based on assumptions and full employment	D.	Theory was not based on assumption and full employment

33.

Air is:

A.	Economic goods	B.	Free goods
C.	Transferable goods	D.	All above

34.

As income increase the expenditure on light fuel and rent generally:

A.	Increases	B.	Decreases
C.	Remains the same	D.	None of the above

35.

As the price of a commodity goes up, the demand for it:

A.	Contracts	B.	Increases
C.	Expands	D.	Decreases

36.

The spurt to Zero Marginal Productivity type of exercise was given by _____ in 1954:

A.	W. Arthur Lewis	B.	W. David Hopper
C.	W. Nelson Michael	D.	W. Benzene Shoemaker

37.

At equilibrium, the slope of the Indifference curve is:

A.	Equal to the slope of the budget line	B.	Greater than the slope of the budget line
C.	Smaller than the slope of the budget line

38.

Which one of the following relationship will provide least cost combination of input use?

A.	rX1/rx2 = Px2/Px1	B.	rX1/rx2 > Px2/Px1
C.	rX1/rx2 < Px2/Px1	D.	rX1/rx2 = Px1/Px2

39.

Average fixed cost is equal to:

A.	Total fixed cost / 100	B.	Total fixed cost/total variable cost
C.	Total fixed cost/output	D.	Total fixed cost/Input

40.

Average product is equal to marginal product when:

A.	Average Product is maximum	B.	Average Product is minimum
C.	Marginal Product is zero	D.	None of the above