Question # 1

Which one is the third stage of production under law of variable proportions

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Decreasing average returns

Increasing average return

Negative marginal return

Increasing marginal return

Income elasticity of demand for normal good is always

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1

more than one

negative

positive

Natural environment that supports production of goods and services is included in

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labour

money

capital

land

A public limited company is run by

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board of governors

board of managers

board of advisor's

board of directors

"The reward for a factor is determined by the marginal revenue product of the factor" . it was said by:

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J.M. Keynes

Taussing

Hansen

Carver

One of the following is not an assumption of law of supply.

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Political system should not changed

Cost of production should not changed

Production technique should not changed

Cost of raw material should not changed

Limited liability is one of the advantages of

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partnership

sole proprietor

joint stock company

cooperative society

A competitive firm is in equilibrium in the long-run where:

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ME = AR = LMC = P

MR = AR = LMC = LAC

MR < AR = LMC <LAC

None of the three

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

Given the demand curve, a rise in supply will.

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Increase quantity supplied

Price will fall

Price will rise

Both (a) and (b)

With a fall in the price of a Giffen good or inferior good its quantity demand will.

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Fall

Rise

Remain unchanged

None of three

Efficiency of labour is not affected by

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attitude of worker

attitude of employer

attitude of wife/husband

all affect

Marshall is his definition of economics

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uses the concept of material welfare

dislikes wealth

accuses Adam smith

Praises Robbins

Basic economic problem is

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inflation

unemployment

scarcity

lack of money

Land is mobile factor of production.

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Not mobile

Mobile by the transfer ownership

Geographically mobile

Mobile vertically

If demand is inelastic, a change in the price

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will change the quantity in same direction

will change total revenue in same direction

will change total revenue in the opposite direction

will not change quantity

Some economists say that profit earner is a kind of

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rent receiver

interest receiver

wage earner

govt. officer

A professor is promoted to be a principle . What type of mobility will it be.

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Vertical mobility

Horizontal mobility

Geographical mobility

None of the three

He described economics as a science of material welfare

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Robbins

Marshall

Ricardo

Keyness

Which is NOTtrue

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perfect monopoly does not exist in real world

perfect competition does not exist in real world

every monopoly is evil

every firm wants to reduce competition

Quasi rent is a:

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Short-run phenomenon

Long-run phenomenon

Short and long run phenoomenon

None of the three

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