Question # 1

A positive statement

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concerns what is

is always accurate

deals with values and opinions

cannot be tested in the real world

The shape of marginal revenue product (MRP) curve is

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Inverted U

Steeper

Flatter

Positive

What best explains a shift in market supply curve to the right?

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an advertising campaign is successful in promoting the good

a new technique makes it cheaper to produce the good

the government introduces a tax on the good

the price of raw materials increases

Law of substitution is another name for

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law of diminishing MU

law of equi-MU

law of demand

law of satisfaction

How many condition of equilibrium of firm

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2

3

4

5

For an individual farmer, rent paid by him

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is part of cost and affects price of his product

does not enter into price of his product

is unjustified

cannot be determined

A firm attains equilibrium under monopoly if:

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MC curve intersect MR curve from below. MC = AC = MR

MC curve intersects MR from above

Any one of the above situations

AR = MR

Those who invest in joint stock companies are called

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partners

shareholders

members

associates

Which of the following is a producer good

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pen

cycle

mobile phone

hammer

Economics

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is more important than mathematics

is a social science

should be made compulsory for every student

is difficult to study

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

To promote capital investment in a country, what is essentially required is.

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Basic infrastructure

Bank credit

Law and ordered

Stock broker

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

Gross profit does NOT include

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rent of his own land

interest of his own capital

pure profit

taxes

In mathematics which letters at the end of alphabet are used to represent variables

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(u,v,w,x,y,z)

(a,b.c.d.e.f.g)

(a.b.c.u.v.w)

((x,y,z,a,b,c)

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

The first law of consumption was presented by.

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Robert Malthus

Loinel Robbins

Alfred Marshall

Pareto

Union leaders are in better position bargain for higher wages if demand for labour is

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elastic

inelastic

very large

permanent

A variable is a symbol which, during a discussion, may assume different values or a set of admissible values. This is the definition of

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Prof. Kooros

Prof. Marshall

Prof. Rabbins

Prof. Kneez

A market competition from in which there are very large number of firms producing a homogeneous commodity are called

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Perfect competition

Equilibrium of firm

Under perfect competition

None of these

Specialization of labour has the advantage.

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increased production

introduction of new technology

increases in self-sufficiency

a and b of above

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