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Identify the economist who first developed the theory of income determination in its modern form:

A. Paul A.Samuelson

B. J.M.Keynes

C. Joan Robinson

D. Dr.mehboob ul Haq

Correct Answer : B.


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  1. In the modern theory of costs, the level of production which the firm considers feasible is known as:
  2. In short run, a firm would remain in business as long as which one of the following of cost is covered?
  3. Elasticity of Substitution (s) is defined as:
  4. When price increases and with it the total outlay on a commodity also increases, it is a case of:
  5. When SAC curve rises, SMC curve lies its:
  6. Government planners play a central role in allocating resources:
  7. A high value of cross-elasticity indicates that the two commodities are:
  8. The standard form of demand function is:
  9. Inputs or Factors of production are defined as:
  10. Efficient allocation of resources is likely to be achieved under:
  11. The equilibrium of a firm is determined by the equality of MC and MR in only:
  12. An individual consumers demand is not determined by:
  13. The main contribution of Prof. Lord Keynes is in the field of:
  14. For the equilibrium of the firm and the industry in the short period in a competitive market, the condition…
  15. The Input-Output Analysis was originated by:
  16. Along an isoquant, output remains same, and capital labor ratio:
  17. Contraction of demand means:
  18. Equilibrium of a firm represents maximization of profits as well as:
  19. When total revenue is maximum in monopoly, elasticity of demand is:
  20. The firm in cournot model:
  21. Law of Substitution in production was presented by:
  22. The law of demand is most directly a result of:
  23. With an increase in income, consumer is expected to buy more of:
  24. To calculate the elasticity of demand, which of the following formula is used?:
  25. The imaginary differentiation is attributed to difference in:
  26. Abstinence or Waiting theory of Interest was presented by:
  27. In monopolistic competition, the customers are attached with one product because of:
  28. Variable costs refer to:
  29. Consumers are likely to get a variety of similar goods under:
  30. A shift in the demand for a product is likely to result from a change in: