Question # 1

Law of diminishing returns is a universal law as:

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It does apply in all aspects of an economy.

Basically it applies in agriculture.

It is hard to check it.

It applies in industry as well

They are included in labour expect

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college principle

professors

office clerk

students

Which one is the assumption of law of demand?

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price of the commodity should not change

quantity demand should not change

income of the consumer should not change

none of the above

Utility is most closely related to the term

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useful

useless

necessary

satisfaction

The talent of a professor is .

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National wealth

International wealth

Personal wealth

Non of them

To show data in tables, we must first

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reduce data

expand data

classify data

all of the above

A positive statement

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concerns what is

is always accurate

deals with values and opinions

cannot be tested in the real world

Consists of all kinds of wealth, other than free gifts of nature, which yield income are called

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Capital

Productivity of capital

Both a and b

None of these

In case of perfectly elastic demand curve, the demand curve will be parallel to the :

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Horizontal axis

Vertical Axis

None of the above

Income elasticity of demand for normal good is always

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1

more than one

negative

positive

:It is not possible to separate marginal revenue product of each factor of production:. It was said by:

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Carver

Hobson

Hansen

Hicks

Economic profit is

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part of total cost

total revenue minus total cost

total revenue minus variable cost

total variable cost minus total fixed cost

Utility and usefulness are

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equal

different

opposite

unrelated

Gross profit does NOT include

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rent of his own land

interest of his own capital

pure profit

taxes

Market demand curve is a summation of all individual demand curves as

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Vertical

horizontal

mathematical

local

Underemployment of labour means

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a worker does not get full time job

a worker is not happy with present job

a person does not get job according to his qualification

a and c of above

The concept of differential rent is given by.

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Marshall

David Ricardo

Hobson

Robbins

How many kinds of Function

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2

3

4

5

Mobility of labour

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increases efficiency of labour

decreases wages of labour

increases division of labour

a and c of above

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

Gov. of Pakistan introduced labour policy for the first time in.

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1955

1950

1948

1959

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