Question # 1

Assumptions of a law are called:

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Constant

Parameters

Variables

Dependent variable

The slopes of average and marginal products curves are always zero under:

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Law of increasing returns

Law of diminishing returns

Law of constant returns

Law of variable propoitions

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

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capital

labour

productivity

entrepreneur

Marginal revenue is always less than price at all level of output in

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perfect competition

monopoly

both a and b

none of the above

Mobility of labour

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increases efficiency of labour

decreases wages of labour

increases division of labour

a and c of above

The wage which is paid in cash is known as.

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Real wage

Nominal wage

Excess wage

Low wage

With an increase in wage rate supply of labour.

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Decrease

Increase

Remains constant

None of the three

Supply of a commodity means

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willingness to sell a certain quantity

physical stocks available

planned production

total production in a given period

A competitive firm is in equilibrium in the long-run where:

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ME = AR = LMC = P

MR = AR = LMC = LAC

MR < AR = LMC <LAC

None of the three

Factors of production are recently termed as.

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Output

Outly

Input

None of them

The proportion of rural population in Pakistan is:

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68%

70%

72%

74%

Product differentiation is a pre-condition of:

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Perfect competition

Imperfect compitition

Monopoly

Oligopoly

Scarcity exists

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in only poor countries

in a country that uses resources inefficiently

in all countries of the world

when society produces unimportant goods

An economic unit, which is independent to take decisions regarding the production and sale of goods are called

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Firm

Organization

Both a and b

None of these

Marginal utility of a product is the utility obtained by consuming.

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First unit of consummption

Each additional unit of consumption

Last unit of consumption

None of the them

Habib Bank limited means that.

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Its capital is limited

It shareholders are limited

The liability of each shareholders is limited

Non of the three

They can expand their business by selling shares in the stock market

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proprietor of a business

partners of the business

joint stock company

industrial cooperative societies

Economics problems arise because of

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greed

scarcity

dishonesty

laziness

The production function relates to

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cost of output

cost of input

output to input

demand to output

A bridge will be a

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Private good

Capital goods

Consumer good

Personal good

Which one will be termed as supply of a product.

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One tone potato in cold storage

One ton rice offered for sale in market

One ton rice brought for sale in market at a certain price.

None of the three

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