Question # 1

Gross profit includes

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monopoly profit

pure profit

windfall profit

all of the above

The rent which is paid in the short run due to perfectly inelastic supply of a factor is known as.

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Deffertial rent

Economic rent

Quasi rent

Scarcity rent

The first law of consumption was presented by.

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Robert Malthus

Loinel Robbins

Alfred Marshall

Pareto

A producer will employ workers up to the point where its MRP becomes

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ARP

current wage rate

negative

equal to profit

The following is NOTa factor of production

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labour

entrepreneurship

land

money

How many condition of equilibrium of firm

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2

3

4

5

Qd = 50 - 5P people will demand 50 when price of the product is:

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Very high

Very low

Zero

Unity

The kind of market is undesirable

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general market

specialized market

local market

monopoly market

The basic goal of a firm is to

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maximize revenues

maximize employees' welfare

maximize profit

maximize output

Under perfect competition

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AC = AVC

AR = AC

AR = MC

AR= MR

The long run average cost curve is tangent to various

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short run TCs

short run ACs

AVCs

AFCs

Scarcity of goods means

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non availability of goods

high price of goods

People don't want to get such goods

the good is available but it is not free

Wants are unlimited for:

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Poor person

Rich person

All persons

None of them

Buyers and sellers under perfect competition are.

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The same in number

Large in number

Small in number

None of the above

Which statement is true

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ATC + AVC = AFC

ATC + MC = AFC

ATC + AFC = AVC

AFC + AVC = ATC

Prof. Marshall thinks

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Economics studies national welfare

Economics studies personal welfare

Economics studies total welfare

Economics studies material welfare

The maximum point of TP curve is at quantity of labour where

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Average physical product of labour is equal to 1

MPP of labour is at its maximum

curves of APP and MPP of labour intersect

MPP of labour is zero

If a firm increases the ratio of capital to labour, it becomes more

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labour intensive

capital intensive

output intensive

input intensive

A labourer resigns from service to start his own business. what type of mobility will it be.

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Vertical mobilty

Occupational mobility

Horizontal mobility

Social mobility

Different prices are charged from different customers of the same product. This is called.

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Short run price

Price instability

Price discrimination

Long run price

When the classify data on the basis of income there will be

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class intervals

class numbers

groups

sections

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