Question # 1

When marginal utility of a product is zero its total utility will be.

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Increase

Decreasing

Maximum

Constant

Who present the Arc Elasticity formula for the measurement of elasticity of demand.

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R.G.D Allen

Pareto

J.R. Hicks

Robbins

This is a tool in economic studies

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market

price

firm

functional relation

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

The total quantity of a commodity available in or near the market which can be brought for sale at a short notice

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Stock

Supply

Demand

None of these

Micro economics concentrates

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on inflation

international economics relations

individual economics units

economics development of Pakistan

Net investment equals Gross investment MINUS

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fixed capital

capital depreciation

capital appreciation

capital formation

Perfect competition is a situation of market, where there are very large number of firms selling the same commodity are called

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Revenue curve under perfect competition

Monopoly curve

Total revenue curve

None of these

Who was the founder of classical school of thought?

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Adam Smith

Marshall

Keynes

Maithus

When supply rises more than demand price of the product will.

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Rise

Fall

Remain unchanged

Non of the three

The quality of commodity that satisfies some human want or need is called

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service

demand

utility

efficiency

The government constructed a new water reservoir for the purpose of irrigation; this might be taken as

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increase in supply of capital

increase in supply of land

increase in supply of land and supply of capital

none of these

the term marginal in economics means

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unimportant

additional

the minimum unit

just barely passing

To show data in tables, we must first

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reduce data

expand data

classify data

all of the above

Which one can cause a change in demand

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change in income

change in supply

change in tastes

a and c of 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

Minimum wage rate of labour is fixed by :

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Government

Trade unions

Entrepreneurs

Labourers

A firm decides to shut down production temporarily when

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MC start rising

AC stat rising

price = AC

price falls below AVC

The market of refrigerators in general is called:

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Domestic market

Local market

International market

National market

Other things equal, if a good has more substitutes, its price elasticty of demand is

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larger

smaller

zero

unity

Diminishing marginal utility is the basis of

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law of supply

law of demand

laws of returns

none of the above

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