Question # 1

Who is unemployed

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housewife

college student

a peer who lives on gifts from mureeds

a freshly graduated engineer who is searching for a job

When a competitive firm faces loss the slop of its MR curve is:

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Negative

Positive

Zero

Unity

The method to measure the elasticity of demand is :

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Percentage method

Total outlay approach

Geometric approch

All the three

The supply of labour is based on the trade off between leisure and

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wealth

work

wages

price of product

Gross profit includes

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monopoly profit

pure profit

windfall profit

all of the above

A monopolist is always interested and obtains.

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Normal profit

Subnormal profit

Continues production even at loss

Super normal profit

Wealth of nations

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is another name for united nations

is name of a book

indicates total wealth of rich countries

contains formulas to earn wealth

Which is true

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labour produces land

land produces labour

labour produces capital

capital produces labour

The price of an non-economic good is:

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Very low

Very high

Zero

Negative

One of the following will not cause a rise and fall on demand.

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Change in income

Change in weather

Discovery of a substitute

Distribution of income remaining the same

The following are causes of shift in demand EXCEPT the one

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change in income

change in price

change in fashion

change in prices of substitutes

TC

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rises continuously

falls then rises

is horizontal to x-axis

is parallel to y-axis

Labour force participation rate is the

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proportion of population that is working

proportion of population aged above 20

proportion of skilled workers

proportion of female workers to male workers

One of the following is not a part of macro economics.

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Public finance

International trade.

Consumer behaviour.

National income.

One of the following is fixed capital.

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Raw material

Defence saving certificate

Machinery

None f the three

Father of the political economy

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Adam smith

Malthus

Marshall

Samuelson

Economies of scale

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occur when increase in input less than proportionate increase in output

suggest that firm's marginal cost curve lies above its average cost curve

suggest that the firm's marginal cost curve is declining

occur when average cost is falling

If the price of a product increase from Rs. 12 per unit and as a consequence quantity demand of the product falls from 100 units to 50 units . The price elasticity of the product will be.

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2.5

0.5

1.5

3.5

A statement of how one variable affects other variable is

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a quadrant

a variable

an assumption

a functional relationship

Which of the following is a demand function?

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Q + 4P = 20

Q = 35 + 3P

Q - 2P - 15 =0

5P - Q = 4

The value of a product depends upon.

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The number of dollars

The numbers of dollars which can be given in exchange for it

The current exchange rate.

None of them

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