Question # 1

Marshall is his definition of economics

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uses the concept of material welfare

dislikes wealth

accuses Adam smith

Praises Robbins

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

increase in natural resources

Profit is maximum when

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distance between TR and TC is maximum

distance between AR and AC is maximum

distance between MR and MC is maximum

distance between MR and AR is maximum

Efficiency of labour is not affected by

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attitude of worker

attitude of employer

attitude of wife/husband

all affect

Pakistan population is growing a rate of .

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2 % per annum

1. 8 % per annum

2.9 % per annum

2.2 % per annum

These are kinds of capital EXCEPT

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fixed capital

expensive capital

working capital

real capital

x = f (y).

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x is a dependent variable.

y is a dependent variables

x and y are dependents variables.

None of the three

: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

The basic goal of a firm is to

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maximize revenues

maximize employees' welfare

maximize profit

maximize output

The concept of perfect competition was introduced by.

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Adam Smith

Alfred Marshall

Keynes

Malthus

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

The supply of labour is based on the trade off between leisure and

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wealth

work

wages

price of product

Profits arise

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only in monopoly

because of uncertainty

shortage of goods

like interest

If elasticity of demand is very low it shows that the commodity is

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a necessity

a luxury

has little importance in total budget

a and c above

The long run average cost curve is tangent to various

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short run TCs

short run ACs

AVCs

AFCs

To say that two goods are unrelated, their cross price elasticity of demand should be

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less than 0

greater than 0

equal to 0

1

The basic economic problem to all societies is

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elimination of scarcity

what how and for whom to produce

equal distribution of wealth

to develop agriculture

In the long-run a competitive firms attains only:

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Normal profit

Super Normal profit

Sub-Normal profit

Marginal cost

Which of the following factors takes risk, innovates and coordinates

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capital

labour

bank

entrepreneur

The reward of their services cannot be fixed

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wage earner

rent receiver

interest receiver

profit earner

All factors of production are substitutable with each other. it is held by:

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Wicksteed

Hicks

Pareto

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