Question # 1

Who said that "Economics is a science of human welfare"

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Adam Smith

Carlyle and Ruskin

Alfred Marshall

Malthus

Buyers and sellers under perfect competition are.

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The same in number

Large in number

Small in number

None of the above

Cross elasticity of Suzuki and Honda cars will be

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Positive

negative

zero

infinite

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

The market of cars is.

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International market

Regional market

Local market

Domestic market

The supply of perishable goods is.

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Elastic

Inelastic

Perfectly elastic

None of the above

One of the following will not be an assumption of the law of diminishing marginal utility.

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Nature of the product should not changed

Mental condition of the consumer

Income of the consumer should not changed

None of the three

One of the following is an example of monopoly.

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Motorways

Pakistan railways

PIA

None of these

Profit is maximum when

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distance between TR and TC is maximum

distance between AR and AC is maximum

distance between MR and MC is maximum

distance between MR and AR is maximum

Which statement relates to macroeconomics

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Oil prices are rising in Pakistan

Profit rate is high in textile industry

The firms try to make huge profits

The government had failed to control inflation

Unit cost is another name for

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MC

AVC

ATC

AFC

The reward of their services cannot be fixed

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wage earner

rent receiver

interest receiver

profit earner

This is not a function of the entrepreneur

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supervise

innovate

lend money

prepare plan

If elasticity of demand is very low it shows that the commodity is

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a necessity

a luxury

has little importance in total budget

a and c above

Laws of return apply to firms working in

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perfect competition

monopoly

small firm

all kinds of market situations

Production of wealth means:

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Driving a taxi

Teaching a daughter

A doctor serving his wife

All the three

Social stagnation is a big obstacle to.

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Mobility of labour

Division OF labour

Efficiency o labour

All the above

How many types of organization

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5

6

7

8

Basic economic problem is

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inflation

unemployment

scarcity

lack of money

Capital formation lakes place when

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people save a part of their incomes

saved amount is invested

investors expect good return

all of the three

Wealth of Nations was written in

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1976

1876

1776

1676

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