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The name of the system of direct exchange is:

A. Price system

B. Barter system

C. Islamic economic system

D. Socialistic system

Correct Answer : B.


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  1. In Revealed Preference Theory, Samuelson proves P.E = S.E + I.E :
  2. Elasticity of Substitution (s) is defined as:
  3. According to M.Kalecki, the true measure of the degree of monopoly power is the:
  4. We can write ordinal utility function as:
  5. The standard form of demand function is:
  6. The effect of consumer boycotts usually is:
  7. The reserve capacity in administration is advocated on the ground that demand for a product will:
  8. Which of the following is called Gossens first law?
  9. At the point where a straight line demand curve meets the quantity axis (x-axis), elasticity of demand…
  10. When the level of optimal factor combination is over and more labor is employed with the fixed plant,…
  11. In which case the elasticity shown by the different points of a curve is the same?
  12. The combination of labor and capital where the cost of a given output is minimized is known as:
  13. The Strategy of Economic Development is the work of:
  14. If X and Y are close substitutes, a fall in price of X will lead to:
  15. Price mechanism has also given the name:
  16. In monopolistic competition, the firm compete on the basis of:
  17. According to Smith, by value we mean the value with respect to use, and the price we mean the value…
  18. A budget line shows:
  19. In case of income effect, the level of consumers satisfaction rises when:
  20. The market demand shedule is determined by:
  21. In a socialist (communist) economy the invisible hand:
  22. Whenever a group of monopolistic competitors attains equilibrium, the firms in this group usually:
  23. According to marginalistic rule, the profit maximization hypothesis requires:
  24. While buying two goods X and Y with unequal prices, to maximize total utility from his income, a consumer…
  25. If the marginal utility of apples to a consumer exceeds that of bananas then the consumer:
  26. The output where TC = TR & AC = AR:
  27. Under perfect competition, a firm will be in equilibrium if:
  28. The falling part of total Utility (TU) curve shows:
  29. The main contribution of Alfred Marshal is in the field of:
  30. Who wrote Mathematical Analysis for Economists?