Question # 1

When total product rises marginal product.

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Remains the same

Falls

Also rises

None of the three

One of the following does not represent imperfect competition.

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Day to day market

Monopoly

Duopoly

Monopolistic Competition

Market system means

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Socialism

Capitalism

a place where goods are traded

all of the above

Utility of a product depends upon

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Knowledge

Ownership

Form

All of them

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

Economics theory means

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economic policy

economic principles

descriptive economics

economics facts

One or more persons living together and having a common budget is called

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union

organisation

household

house members

Increasing the minimum wage for workers will

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solve the unemployment problem

result in scarcity of workers

cause substitution of capital for labour

decreases the MP of those workers

Saqib graduated one month ago. He is still unemployed. His unemployment is

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structural

frictional

seasonal

personal

A monopoly generally

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allocates resources in a socially optimal way

encourages greater income equality

encourages greater efficiency

produces less quantity than the quantity which minimies average cost

The supply price of land is considered to be zero because .`

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Its supply is limited

Its supply is infinity

In aggregate sense its cost of production s zero

Its demand is limited

Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is

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10%

30%

3

1/3

Unemployment due to mechanization of agriculture is

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seasonal

structural

industrial

personal

Which of the following shifts supply curve of cars to the right

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tax on new cars

increase in wages of workers

decrease in steel price

a successful promotion campaign by sellers

The law demand will not be valid in case of.

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Very high price products

Normal goods

Price effect

Income effects

Price and demand are positively correlated in case of

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necessities

comforts

Giffen goods

Luxuries

Production of wealth means:

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Driving a taxi

Teaching a daughter

A doctor serving his wife

All the three

The reward of their services cannot be fixed

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wage earner

rent receiver

interest receiver

profit earner

To measure changes in purchasing power of money, we use

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percentages

index numbers

averages

variables

Economic development of a country requires

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skilled lobour

diplomacy

abundant natural resources

a and c of aboce

When demand is perfectly elastic, an increase in supply will result in

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decrease in quantity sold

increase in quantity sold

fall in price

b and c above

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