Question # 1

Under perfect competition MR and AR curves

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are the same

are different

intersect each other

are parallel

The relationship between two variables that move in the same direction is called

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neutral

positive

independent

dependent

When the price of a product falls and as a concequence the demand for the product increase. it will be.

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Rise of demands

Fall of demand

Extension of demand

Contraction on demand

He prepares the initial plan of the business

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capitalist

manager

entrepreneur

officer

Irrespecitve of price, Somia always spends Rs. 100 a week on ice cream, we conculde that

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elasticity of demand is 0

elasticity of demand is 1

elasticity of demand id infinite

law of demand has been violated

Which of the following factors takes risk, innovates and coordinates

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capital

labour

bank

entrepreneur

If Bali burgers find that their MC of burgers is less than MR they would try to

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expand business

reduce business

continue as before

close business

When labourers do not get jobs according to their qualification it will be :

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Unemployment

Under employment

Disguised unemployment

None of the three

When MU=0, TU is

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minimum

maximum

increasing

decreasing

Professor Knight is famous for his theory of

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rent

profit

population

wages

Which of the following is NOTa characteristic of perfect competition?

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free entry and exit of the firm

demand curve of a firm is horizontal

marginal revenue curve is horizontal

individual firm can influence the price

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

A short period market is the market of.

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Perishable goods

Durable goods

Consumer goods

Capital goods

If price elasticity of demand is very low, the commodity is

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necessity

luxury

substitute

not available

Long rum is a period

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three years or longer

long enough to allow firms to change plant size and capacity

in which a firm need not get loans

which affects larger more than smaller firms

If price and total revenue move in the same direction, then demand is

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inelastic

elastic

unrelated

perfectly elastic

Utility of a product depends upon

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Knowledge

Ownership

Form

All of them

Which one is the small scale production.

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Bata shoe factory

A barber shop

kohinoor Textile Industries

Sufi soap

Which one is the non-economic activity.

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Service of a doctor

Morning walk

Service of teacher

Service of an advocate

Which is true

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labour produces land

land produces labour

labour produces capital

capital produces labour

Equilibrium

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is a state that can never be achieved in economics

is an important idea for predicting economics changes

is a stable condition

is an unstable condition

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