Question # 1

He put forward the theory of profit

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Keynes

Adam Smith

Knight

Anyson

As out put increases, AC curve

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falls

rises

remains constant

all of the above

When MP curve cuts AP curve, the AP is at its.

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Lowest point

Highest point

Neither of the two

Eighter of the two

Marginal revenue is always less than price at all level of output in

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perfect competition

monopoly

both a and b

none of the above

When marginal revenue is zero, total revenue is

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maximum

minimum

zero

decreasing

Long run cost curves can be termed as.

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V-shaped

U-shaped

Oval-shaped

Dish-shaped

The composite demand for a product is generally:

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Elastic

Inelastic

Equal to unity

Equal to zero

Equilibrium price of a product is determined by:

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The gomverment

An industrialist

Market competition

An agriculturist

Sometimes the supply curve of labour bends

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downward

upward

backward

firstly upward and then downward

Buyers and sellers under perfect competition are.

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The same in number

Large in number

Small in number

None of the above

The reward of their services cannot be fixed

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wage earner

rent receiver

interest receiver

profit earner

The demand curve slopes downward from left to right because of:

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Income effect

Substitution effect

Entry of new buyers

All of the above

Scarcity exists

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in only poor countries

in a country that uses resources inefficiently

in all countries of the world

when society produces unimportant goods

Under marginal productivity theory, reward for labour is determined by

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owner

government

labour

marginal product

Money wages are also called

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Nominal Wages

Real wages

Gross wages

Net wages

Supply of a commodity means

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willingness to sell a certain quantity

physical stocks available

planned production

total production in a given period

Marginal revenue products (MRP) curve falls when units of labour

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Remain constant

Decrease

Increase

None of the three

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)

With an increase in the supply of labour wage rate will:

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Fall

Increase

Remain constant

None of the three

If elasticity of supply is greater than one. supply curve will be

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horizontal

vertical

passing through origin

touching y-axis

Shopkeepers are also producers because in goods, they produce.

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