Question # 1

Which is true

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labour produces land

land produces labour

labour produces capital

capital produces labour

A firm attains equilibrium under monopoly where:

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AR = MR

AC = MC

MR = MC

AR = AC

Which one of the following is a day to day market.

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The market of perishable goods

The market of refrigerators

The market of stationary

None of the three

Basic economic problem is

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inflation

unemployment

scarcity

lack of money

When price elasticity of demand for normal goods in calculated, the value is always

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positive

negative

constant

greater than one

The capital laying in the deposits of commercial bank is called.

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Domestic capital

Real capital

Foreign capital

Money capital

Marginal land

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is uncultivable land

gets low rent

gets no rent

cannot be sold

Which laws are implemented with an executive authority .

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Economic laws

Moral laws

State laws

Physical laws

Labour force participation rate is the

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proportion of population that is working

proportion of population aged above 20

proportion of skilled workers

proportion of female workers to male workers

Equilibrium price of a product is determined by:

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The gomverment

An industrialist

Market competition

An agriculturist

Utility of a product depends upon

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Knowledge

Ownership

Form

All of them

the term marginal in economics means

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unimportant

additional

the minimum unit

just barely passing

Land is mobile factor of production.

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Not mobile

Mobile by the transfer ownership

Geographically mobile

Mobile vertically

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

In production of goods, negative returns in the short run imply that

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average product is negative

total product is negative

marginal product is negative

marginal cost is falling

About labour we can say with certainty that it is

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Perishable

Hirable

Reliable

all of the above

If the rate of inflation goes up, the real wags of labourers will :

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Increase

Decrease

Remain the same

Noe of the three

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

Quasi rent can be obtained if:

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Supply of factor other than land, is temporarily fixed

There is difference in the fertility of land

The government legislate on it

Trade unions protest for it

It is an example of public limited company

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WAPDA

President House

SHELL petroleum

none of the above

A product which has value price in the market has.

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Utility

Scarcity

Transferability

All the three

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