Question # 1

Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called

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Law of Supply

Law of Demand

Law of equilibrium

None of these

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

Basic economic problem is

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inflation

unemployment

scarcity

lack of money

The cost which a firm incurs for purchasing or hiring factors is called

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implicit

explicit

real

basic

Marshall is his definition of economics

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uses the concept of material welfare

dislikes wealth

accuses Adam smith

Praises Robbins

In case of monopoly

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marginal revenue curve always slopes upward

total revenue curve always slopes upward

marginal revenue is always equal to average revenue

marginal revenue is always less than average revenue

The law demand will not be valid in case of.

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Very high price products

Normal goods

Price effect

Income effects

A firm maximizes profit of

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MRP = wage rate

MRP = ARP

MRP is rising

TRP = wages

Normally a demand curve will have the shape

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horizontal

vertical

downward sloping

upward sloping

Mobility of labour

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increases efficiency of labour

decreases wages of labour

increases division of labour

a and c of above

A mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called

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Market

Revenue curve

Contact

None of these

The correlation between average wage (AW) and marginal wage (MW) under perfect competition is .

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AW = MW

AW > MW

AW < MW

None of the three

One of the following NOT a assumption of the marginal productivity theory

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units of factor are homogeneous

mobility of factor

low price of factor

perfect competition

x = 5 y^-1 this is a.

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Constant function

Explicit function

Inverse function

Decreasing function

All inputs can be varied in

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short run

long run

both periods

non of the period

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

In case of perfectly elastic demand curve, the demand curve will be parallel to the.

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Horizontal Axis

Vertical Axis

None of the above

Net investment equals Gross investment MINUS

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fixed capital

capital depreciation

capital appreciation

capital formation

Law of decreasing returns generates

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law of economic growth

law of increasing costs

law of variable costs

law of decreasing costs

The basic goal of a firm is to

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maximize revenues

maximize employees' welfare

maximize profit

maximize output

The demand for a factor depends on its.

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MRP

ARP

MRP = ARP

MRP < ARP

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