Question # 1

The law demand will not be valid in case of.

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Very high price products

Normal goods

Price effect

Income effects

One of the following can be registered in a stock exchange.

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Business under partnership

Cooperative society

Join stock company

Sole proprietorship

Change in total cost on the production of one additional unit of output is calculated as .

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Marginal cost

Average cost

Total cost

Marginal product

Labour is hirable but you cannot hire

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capital

land

manager

entrepreneur

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

The talent of a professor is .

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National wealth

International wealth

Personal wealth

Non of them

Who was the exponent of macro economics in recent times.

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Adam Smith

J.M. Keynes

Marshall

Maithus

Scarcity exists

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in only poor countries

in a country that uses resources inefficiently

in all countries of the world

when society produces unimportant goods

He put forward the theory of profit

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Keynes

Adam Smith

Knight

Anyson

If quantity demanded is completely unresponsive to changes in price, demand is

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inelastic

unit elastic

elastic

perfectly inelastic

If equilibrium price rises but equilibrium quantity remains unchanged, the cause is

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supply and demand both increase equally

supply and demand both decrease equally

supply decreases and demand increases

supply increases and demand decreases

The demand curve slopes downward from left to right because of:

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Income effect

Substitution effect

Entry of new buyers

All of the above

A monopoly firm is in equilibrium when

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MC intersects AC

MC intersect MR

AC intersects AR

TC intersects TR

Long period supply curve is

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relatively flatter

relatively steeper

more elastic

a and c of above

TC

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starts from origin

not from origin

is parallel to y-axis

parallel to x- axis

If a person consumes goods X and Y maximises total utility, then MU per rupee from the two goods must be

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equal

unequal

increasing

decreasing

Which of the following shifts supply curve of cars to the right

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tax on new cars

increase in wages of workers

decrease in steel price

a successful promotion campaign by sellers

Saqib graduated one month ago. He is still unemployed. His unemployment is

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structural

frictional

seasonal

personal

The basic economic problem to all societies is

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elimination of scarcity

what how and for whom to produce

equal distribution of wealth

to develop agriculture

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

The supply price of land is considered to be zero because .`

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Its supply is limited

Its supply is infinity

In aggregate sense its cost of production s zero

Its demand is limited

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