Question # 1

MU curve

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rises left to right

is always vertical

falls left to right

is always horizontal

A ______ is something which is measurable and can take on different values

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Variable

Constant

Both a and b

None of these

Marginal revenue is always less than price at all level of output in

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perfect competition

monopoly

both a and b

none of the above

Law of Equi marginal utlility is a low of

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production of wealth

consumption of wealth

distribution of wealth

exchange of wealth

If the price of a product rises, quantity demand if its substitute will.

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Fall

Rise

Remain unchanged

Fluctuate

Which one is the small scale production.

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Bata shoe factory

A barber shop

kohinoor Textile Industries

Sufi soap

Productivity of labour can be increased by

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raising minimum wages

reducing profits

increasing skills of workers

punishing absentee workers

When AC curve rises, MC curve remains:

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Above AC

Below AC

Equal AC

Negative

In factor market, which statement is true

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wages are determined by MP

Rent is fixed by landlords

interest rate is determined by Govt.

profit is determined by luck

Why should employ units of a factor to a point where

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MP is negative

MP is equal to price of the factor

MP is positive

MP is rising

According to Ricardo rents are high because prices of produce of land are

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high

low

constant

none of the above

We establish ______ conditions for equilibrium

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2

3

4

5

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

Those who invest in joint stock companies are called

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partners

shareholders

members

associates

Which of the following is correct with respect to resources

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Money is a capital good

Human skills are a labour input

Entrepreneur is part of the labour input

Natural resources include human input

Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is

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10%

30%

3

1/3

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

Under monopoly:

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AR = MR

AR > MR

AR < MR

AR = MR

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 maintain social status in life, a person requires.

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Bare necessities of life

Comforts of life

Luxuries of life

All of them

The kind of market is undesirable

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general market

specialized market

local market

monopoly market

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