Question # 1

Power of a product which can satisfy human want is.

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Utility

Total utility

Average utility

Marginal utility

Profits arise because an entrepreneur

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prepares plan

innovates

lends money

a and b of above

Which of the following is capital

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toy of a child

plough of the farmer

calculator of the student

novel book in the library

Optimum population is defined by the economists as the level of population at which

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death rate equals birth rate

labour productivity is maximized

country achieves food self sufficiency

national income per head is maximesed

In factor market, which statement is true

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wages are determined by MP

Rent is fixed by landlords

interest rate is determined by Govt.

profit is determined by luck

A public limited company is run by

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board of governors

board of managers

board of advisor's

board of directors

All materials goods which can satisfy humans wants are called.

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Non economic goods

Economic goods

Capital goods

Services

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)

One of the following does not represent imperfect competition.

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Day to day market

Monopoly

Duopoly

Monopolistic Competition

The correlation between average wage (AW) and marginal wage (MW) under perfect competition is .

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AW = MW

AW > MW

AW < MW

None of the three

Which one is increasing function of price

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demand

utility

supply

consumption

A variable is a symbol which, during a discussion, may assume different values or a set of admissible values. This is the definition of

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Prof. Kooros

Prof. Marshall

Prof. Rabbins

Prof. Kneez

Stock exchange is market where we can buy:

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Shares

Foreign exchange

Factors of production

Consumer goods

q = 4 + 2P it is a functional equation of.

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Demand

Supply

Equilibrium of demand as supply

None of the three

A firm should shut down in the short run if it is not covering its

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variable cost

fixed cost

total cost

explicit cost

If a change in demand is brought by a change in income, of demand will be.

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Income elasticity

Price elasticity

Cross elasticity

Arcelasticity

Prof. Marshall thinks

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Economics studies national welfare

Economics studies personal welfare

Economics studies total welfare

Economics studies material welfare

A change in price brings in quantity supplied. it will be.

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Rise in supply

Contraction of supply

Fall in supply

Extension of supply

Natural environment that supports production of goods and services is included in

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labour

money

capital

land

This is capital

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money

forests

machinery

trademarks

The basic goal of a firm is to

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maximize revenues

maximize employees' welfare

maximize profit

maximize output

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