Question # 1

Standard of living of workers depends upon their

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nominal wages

real wages

average product

govt. policy

There are large number of seller and buyers in the market but none is able to influence market price. such a market is called

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free

open

regular

competitive

Since marginal land does not yield rent therefore:

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Rent is a part of piece

Rent is not a part of price

Rent determines price

None of the three

A market competition from in which there are very large number of firms producing a homogeneous commodity are called

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Perfect competition

Equilibrium of firm

Under perfect competition

None of these

When a competitive firm achieves long run equilibrium then

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P= MC

MR = MC

P = ATC

all of the above

Who was the founder of classical school of thought?

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Adam Smith

Marshall

Keynes

Maithus

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

If demand has unit price elasticity, a change in price causes

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increase in total revenue

decrease in total revenue

no change in total revenue

indeterminate

"The reward for a factor is determined by the marginal revenue product of the factor" . it was said by:

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J.M. Keynes

Taussing

Hansen

Carver

Rickshaw has replaced tonga as local transport. As a result the tongs-drivers have become unemployed. Such unemployment is called

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structural

frictional

seasonal

personal

As output increase, one of the following costs will also increase:

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Marginal cost

Average cost

Variable cost

Fixed cost

Scope of economics is defined as:

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Individual and aggregate economic behaviour of the people.

Subject matter of economics.

Welfare Economics.

All of the abpove

Why should employ units of a factor to a point where

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MP is negative

MP is equal to price of the factor

MP is positive

MP is rising

In Pakistan rate of labour participation is

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13%

23%

33%

43%

Given the supply curve, a fall in demand will.

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Increase equilibrium quantity of the product

Decrease equilibrium quantity of the product

Not affect equilibrium quantity

Not affect equilibrium price

Factors of production are recently termed as.

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Output

Outly

Input

None of them

Gross profit includes

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monopoly profit

pure profit

windfall profit

all of the above

Which is the general form of quadratic equation

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x²-x-20 = 0

ax²+bx +c = 0

x²- x -c =0

None of these

A monopoly market can be controlled by.

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Fixing of the price by the government

Administrative measures

Introduction of substitutes

Nationalisation

The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.

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Fall

Rise

Remain the same

Fluctuate

One of the following is fixed capital.

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Raw material

Defence saving certificate

Machinery

None f the three

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