Question # 1

The transformation of resources into economic gods and services is

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input

production

entrepreneur

market

A firm will be in equilibrium where.

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Its total profit is high

Its cot is minimum

It produces at a level of output which its profit is minimum or loss in minimum

None of the three

In case of a fall in supply.

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Quantity supplied falls at the same price.

Quantity supplied rises at the same price.

Quantity supplied remain at the lower price.

None of the three

The government constructed a new water reservoir for the purpose of irrigation; this might be taken as

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increase in supply of capital

increase in supply of land

increase in supply of land and supply of capital

none of these

Long run average cost curve is :

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U shaped

L shaped

Dish shaped

None of the three

An example of natural resource is

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factory

skilled doctor

oil reserves in the ground

oil reserves in storage tank

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

Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is

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a shortage

a surplus

excess supply

loss

If we know that quantities bought and sold are equal, we can conclude that

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quantities demanded and supplied are also equal

the market is in equilibrium

there will be no tendency for a price change

all of the above

A statement of how one variable affects other variable is

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a quadrant

a variable

an assumption

a functional relationship

According to Malthus, population increase by

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arithmetic progression

geometric progression

systematic progression

automatic progression

One of the following is not assumption of the marginal productivity theory.

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All factors of production are present substitutes of each other.

Law of increasing return applies in the production process.

There is perfect mobility of factor of production

Units of each factors of production are identical

The concept of differential rent is given by.

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Marshall

David Ricardo

Hobson

Robbins

Who was the founder of classical school of thought?

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Adam Smith

Marshall

Keynes

Maithus

MC is given by slope of

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TFC

TC

ATC

AVC

Profits

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are lower in the long run than in the short run

can be negative

are less in perfect competition than in monopoly

all of the above

normative economics

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deals solely with the facts

is never studied in colleges

involves opinions and interpretations

is clearly preferable to positive economics

Law of Equi marginal utlility is a low of

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production of wealth

consumption of wealth

distribution of wealth

exchange of wealth

In law of diminishing returns at least one factor

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must be constant

must be owned by the firm

must be purchasable

must be efficient

y = 20-5 x this function is.

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Increasing function

Decreasing function

Constant function

Exponential function

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