Question # 1

Which is NOT a cause of slow capital formation in Pakistan

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poverty

illiteracy

bad governance

low rate of taxes

The demand of a good falls when.

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Its price falls

Price of the substitute changes

its price rises

It price remain constant

Which of the following is example of external economies of scale?

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Discount on purchases of raw materials

Technical progress leads to development of machines at low price

Hiring of specialized staff due to increase in scale of production

A firm starts producing by products

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

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high

low

constant

none of the above

When cross elasticity of demand for A and B is positive number, one can conclude that

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the goods are cheaper

the goods are inferior

the goods are substitutes

the goods are complements

Estimate of Pakistan's population for 2013 is

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185 million

285 million

385 million

485 million

WAPDA is a

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public corporation

public company

private company

partnership

If we know that quantities bought and sold are equal, we can conclude that

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quantities demanded and supplied are also equal

the market is in equilibrium

there will be no tendency for a price change

all of the above

How many types of markets according to time

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3

4

5

6

A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called.

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Supply of output

Production

Buffer stock

Stock

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

When there is big change in quantity supplied resulting from a minor change inits price,its elasticity of supply will be.

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Equal to unity

Less than unity

Equal to zero

Greater than unity

Profit is maximum when

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TC and TR curves are parallel

MC and MR curves are parallel

TC and TR curves cross each other

AC and AR curves cross each other

With an increase in the supply of labour wage rate will:

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Fall

Increase

Remain constant

None of the three

Which of the following is one of the assumptions of perfect competition.

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few buyers and few sellers

many buyers and few sellers

many buyers and many sellers

all sellers and buyers are honest

When total product falls, marginal product is.

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Zero

Positive

Negative

Falling

The main object of trade unions is to:

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Strength the bargaining position of labour

Get jobs for the employed persons

Get recreational facilities

Get free meals

Normal profit is attained where:

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TR = TC

TR >TC

AR > MR

AR < MR

Utility of a product depends upon

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Knowledge

Ownership

Form

All of them

Unemployment due to mechanization of agriculture is

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seasonal

structural

industrial

personal

Which one of the following pairs represent complementary demand for a product.

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Tea & coffe

Butter & Margarine

Shirt & shoes

Shirt & trouser

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