Question # 1

With a fixed in the market period, if the demand of a product rises, then:

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Price will fall

Price will rise

Price will remain the same

None of the three

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

Economic goods produced by firms are called

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productivity

innovation

technological progress

output

The market of refrigerators in general is called:

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Domestic market

Local market

International market

National market

If elasticity of supply is one, supply curve will be

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horizontal

vertical

passing through origin

touching x-axis

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

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Vertical

horizontal

mathematical

local

Risks in the business arise because of

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introduction of the new products

uncertain policy of rival firms

changes in tastes

all the above

An increases in the price of mutton provides information which

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tells consumers to buy more mutton

tells consumers to buy more chicken

tells producers to produce more mutton

b and c of above

The position of the firm when it is earning maximum of profit and Profit = Total Revenue - Total cost are called

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Perfect competition

Under perfect competition

Equilibrium of firm

None of these

Law of Equi marginal utlility is a low of

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production of wealth

consumption of wealth

distribution of wealth

exchange of wealth

It describes the law of supply

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supply curve

supply schedule

supply equation

all the three

According to Alfred Marshall, Economics should be taken as:

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Positive economics

Normative economics

Welfare economics

Applied economics

Profits arise because an entrepreneur

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prepares plan

innovates

lends money

a and b of above

The maximum point of TP curve is at quantity of labour where

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Average physical product of labour is equal to 1

MPP of labour is at its maximum

curves of APP and MPP of labour intersect

MPP of labour is zero

If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is

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0.05

10

20

indeterminate

The submit the plan to the Registrar of Joint Stock Companies along with ______ documents

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Two

Three

Four

Five

Scarcity means

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non availability of goods

high price of goods

less supply than demand

high profit of the firms

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

When AC curve rises, MC curve remains:

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Above AC

Below AC

Equal AC

Negative

Income elasticity of demand for normal good is always

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1

more than one

negative

positive

Shopkeepers are also producers because in goods, they produce.

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Form utility

Time utility

Use utility

Place utility

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