Question # 1

A consumer in equilibrium when marginal utilities are

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minimum

highest

equal

increasing

Members of business partnership in Pakistan are:

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2 to 20

5 to 20

2 to 25

2 to 3

If a consumer moves upward along an indifference curve, his total utility

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falls to zero

does not change

increases

decreases

A contour line which slopes downward from left to right and yield equal level of satisfaction to consumer with the given income is.

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Negatively slop curve

An indifference curve

Positively sloped Curve

None of the above

Which statement is true?

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Economics is a physical and normative science

Economics is a social and natural science

Economics is physical and positive science

Economics is a social and normative science

This is a tool in economic studies

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market

price

firm

functional relation

Economics is a science

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Spiritual

Social

dismal

moral

He said interest is payment for use of money

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Adam Smith

Ricardo

Keynes

Marshall

To measure changes in purchasing power of money, we use

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percentages

index numbers

averages

variables

Who was the founder of classical school of thought?

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Adam Smith

Marshall

Keynes

Maithus

This is capital

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money

forests

machinery

trademarks

Scarcity of goods means

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non availability of goods

high price of goods

People don't want to get such goods

the good is available but it is not free

Laws of return apply to firms working in

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perfect competition

monopoly

small firm

all kinds of market situations

the term marginal in economics means

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unimportant

additional

the minimum unit

just barely passing

How many types of markets according to time

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3

4

5

6

Mr. Suleri bought 50 litters of petrol when his monthly income was Rs. 25000. Now his monthly income has risen to Rs. 50000 and he purchases 100 litres of petrol. His income elasticity of demand for petrol is

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1

100%

less than one

more than one

The necessary condition for equilibrium position of a firm is

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MR > MC

MC > price

MC = MR

MC = AC

In mathematics which letters at the end of alphabet are used to represent variables

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(u,v,w,x,y,z)

(a,b.c.d.e.f.g)

(a.b.c.u.v.w)

((x,y,z,a,b,c)

Interest is paid because

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capital is scarce

capital is productive

capital is attractive

a and b of above

Economic problems arises because of.

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Unlimited wants.

Scarcity of resources.

Alternative use of resources.

All of the above

When average product (AP) and marginal product (MP) are rising.

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AP > MP

AP = MP

AP < MP

AP = MP = 0

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