Question # 1

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

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

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union

organisation

household

house members

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 cause of low wage rate in Pakistan is:

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Population explosion

Labour policy

Lack of monility of labour

Lack of natural resources

Economics problems arise because of

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greed

scarcity

dishonesty

laziness

Profit = ?

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TR - TC

TR - MC

TC - MC

TR + TC

The cost which a firm incurs for purchasing or hiring factors is called

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implicit

explicit

real

basic

How many types of organization

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5

6

7

8

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

Price of a product is determined in a free market

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by demand for the product

by supply of the product

by both demand and supply

by the government

Marginal land or no rent land is the land which:

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Covers the cost of productions only

Determines rent of the superiorlands

Both a & b

None of the three

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

Which of the following is a demand function?

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Q + 4P = 20

Q = 35 + 3P

Q - 2P - 15 =0

5P - Q = 4

Members of a public limited company are elected by.

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Directors

Government

Financial institutions

Share holders

Quasi rent can be obtained if:

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Supply of factor other than land, is temporarily fixed

There is difference in the fertility of land

The government legislate on it

Trade unions protest for it

In economics, assumptions

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make economics theory useless

mean other things equal

enable economics to simplify reality

used in micro and not in macroeconomics

Marshall is his definition of economics

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uses the concept of material welfare

dislikes wealth

accuses Adam smith

Praises Robbins

If Bali burgers find that their MC of burgers is less than MR they would try to

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expand business

reduce business

continue as before

close business

Which of the following input factor takes risk, innovates and coordinates

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capital

labour

productivity

entrepreneur

Equilibrium of consumer is explained by

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negative utility

positive utility

marginal utility

profit

Everyone should study economics is a

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positive statement

normative statement

true statement

nonsense

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