Question # 1

If Bali burgers find that their MC of burgers is less than MR they would try to

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expand business

reduce business

continue as before

close business

Every factor of production gets reward equal to

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value of average product

value of marginal product

value of total product

total revenue

One of the following is not a part of macro economics.

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Public finance

International trade.

Consumer behaviour.

National income.

If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is

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0.05

10

20

indeterminate

Estimate of Pakistan's population for 2013 is

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185 million

285 million

385 million

485 million

Pakistan population is growing a rate of .

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2 % per annum

1. 8 % per annum

2.9 % per annum

2.2 % per annum

He prepares the initial plan of the business

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capitalist

manager

entrepreneur

officer

The extent of market depends upon

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Means of transport and communication

Political instability

Economics instability

Trade restriction

Equilibrium price of a product is determined by:

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The gomverment

An industrialist

Market competition

An agriculturist

MRP curve of a firm represent demand curve of industry under.

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Imperfect compitition

Monolopy

Oligopoly

Perfect competition

If elasticity of demand is very low it shows that the commodity is

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a necessity

a luxury

has little importance in total budget

a and c above

One of the following is fixed capital.

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Raw material

Defence saving certificate

Machinery

None f the three

The following is NOTa factor of production

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labour

entrepreneurship

land

money

A firm decides to shut down production temporarily when

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MC start rising

AC stat rising

price = AC

price falls below AVC

In the long-run a firm attains under monopoly;

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Normal profit

Super normal profit

Sub-normal profit

Any on of the above

Under monopoly the price is always equal to:

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AR

MR

MC

AVC

Marginal revenue recommended by symbol

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MR

MC

AR

None of these

A monopoly market can be controlled by.

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Fixing of the price by the government

Administrative measures

Introduction of substitutes

Nationalisation

Economics is a science which studies.

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Distribution of income

Optimum use of scarce resources.

Production of wealth only

Exchange of wealth only

In May 2012, firm was supplying 1000 kg of sugar at market price of Rs. 60/- per kg. During June 2012, firm's supply of sugar had decreased to 900 kg at price Rs. 40/- per kg. These changes show that supply of sugar is

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Perfectly elastic

Perfectly inelastic

Less elastic

More elastic

The borrower has to pay interest because of

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His poverty

productivity of capital

greediness of capitalist

scarcity of capital

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