Question # 1

Production of wealth means:

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Driving a taxi

Teaching a daughter

A doctor serving his wife

All the three

Standard of living of a country can be raised if it increases

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labour force

production

money supply

exports

The slopes of average and marginal products curves are always zero under:

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Law of increasing returns

Law of diminishing returns

Law of constant returns

Law of variable propoitions

The sacrifice of an alternative use of resources to produce something is called its

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real cost

opportunity cost

sacrifice cost

alternative cost

Economics laws are

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exact

approximate

brief

definite

The law of increasing returns is also known as:

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Law of increasing cost

Law of diminishing cost

Law of constant cost

None of the three

If demand is inelastic, a change in the price

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will change the quantity in same direction

will change total revenue in same direction

will change total revenue in the opposite direction

will not change quantity

A firm attains equilibrium under monopoly if:

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MC curve intersect MR curve from below. MC = AC = MR

MC curve intersects MR from above

Any one of the above situations

AR = MR

Economic principle are also called

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economic law

economic theory

economic model

all of the above

The demand for a factor is called.

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Composite demand

Joint demand

derived demand

No demand

According to Ricardo rents are high because prices of produce of land are

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high

low

constant

none of the above

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

Unemployment due to mechanization of agriculture is

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seasonal

structural

industrial

personal

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

Normally a demand curve will have the shape

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horizontal

vertical

downward sloping

upward sloping

All labour is

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homogeneous

heterogeneous

lazy

intelligent

The following are causes of shift in demand EXCEPT the one

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change in income

change in price

change in fashion

change in prices of substitutes

profit is a maximum when

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TC and TR curves are parallel

MC and MR curves are parallel

AC and AR curves are parallel

TFC and TVC are parallel

The kind of market is undesirable

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general market

specialized market

local market

monopoly market

Utility of a product depends upon

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Knowledge

Ownership

Form

All of them

3x²=0 is an equation

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linear

quadratic

general

first degree

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