Question # 1

Which statement is true

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ATC + AVC = AFC

ATC + MC = AFC

ATC + AFC = AVC

AFC + AVC = ATC

Under perfect competition

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AC = AVC

AR = AC

AR = MC

AR= MR

To show data in tables, we must first

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reduce data

expand data

classify data

all of the above

The long run average cost curve is tangent to various

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short run TCs

short run ACs

AVCs

AFCs

y = 20-5 x this function is.

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Increasing function

Decreasing function

Constant function

Exponential function

The supply of land is fixed whereas its Demand is increase day by day, the rent Produced in this way is:

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Differential rent

Scarcity rent

Quasi rent

Economic rent

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

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

When average product falls marginal product

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Rises

Also falls

Remain equal to average product

Does not change

Who is unemployed

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housewife

college student

a peer who lives on gifts from mureeds

a freshly graduated engineer who is searching for a job

The part of wealth, other than natural resources, which can be used for further production of wealth are called

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Capital

Revenue

Fundamentals of economics

None of these

How many types of markets according to location

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4

5

6

7

Market Price of Perishable

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Commodities

Utility

Consumer

None of these

When there is big change in quantity supplied resulting from a minor change inits price,its elasticity of supply will be.

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Equal to unity

Less than unity

Equal to zero

Greater than unity

.Which one is not an economic want.

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Want for food

Want to be a doctor

Want to fall in love

Non of the above

If marginal product of labour rises because of new technology

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wages will rise

wages will fall

wages will be unaffected

may raise or fall

Equilibrium of consumer is explained by

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negative utility

positive utility

marginal utility

profit

The theory of optimum population was presentd by:

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Cannon

Hicks

Keynes

Malthus

Ceteris paribus means

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other things equal

all variable are independent

all relationships are inverse

that no other assumptions are made

Every factor of production gets reward equal to its

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cost

marginal product

price

increasing return

The number of goods and services which one unit of a product can command in exchange for it is its.

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Value of money

Value in exchange

Price

Utility

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