Question # 1

Economics

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is more important than mathematics

is a social science

should be made compulsory for every student

is difficult to study

An example of money capital is

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cash

money in a savings account

prize bond

golden ring

Who present the Arc Elasticity formula for the measurement of elasticity of demand.

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R.G.D Allen

Pareto

J.R. Hicks

Robbins

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

Land is mobile factor of production.

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Not mobile

Mobile by the transfer ownership

Geographically mobile

Mobile vertically

To the economist, investment refers to

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sale of real estate

creation of new capital

purchase of a prize bond

decrease in inventories

Malaysia enjoys monopoly on rubber, but which kind of monopoluit is.

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Natural monopoly

Social monopoly

Legal monopoly

Implied monopoly

He prepares the initial plan of the business

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capitalist

manager

entrepreneur

officer

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

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Fall

Rise

Remain unchanged

Fluctuate

MRP curve of a firm represent demand curve of industry under.

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Imperfect compitition

Monolopy

Oligopoly

Perfect competition

Quasi rent can be obtained if:

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Supply of factor other than land, is temporarily fixed

There is difference in the fertility of land

The government legislate on it

Trade unions protest for it

Perfect competition is a situation of market, where there are very large number of firms selling the same commodity are called

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Revenue curve under perfect competition

Monopoly curve

Total revenue curve

None of these

Compare with monopoly price, the competitive price ids always:

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Less than monopoly price

More than monopoly pruce

Equal to monopoly price

Non of the three

Select the correct statement

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Economics affects politics

Economics affects history

Geography affects economics

all of the above are true

In economics, assumptions

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make economics theory useless

mean other things equal

enable economics to simplify reality

used in micro and not in macroeconomics

A bridge will be a

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Private good

Capital goods

Consumer good

Personal good

Gov. of Pakistan introduced labour policy for the first time in.

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1955

1950

1948

1959

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

A competitive firm is in equilibrium in the long-run where:

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ME = AR = LMC = P

MR = AR = LMC = LAC

MR < AR = LMC <LAC

None of the three

One of the following is not an assumption of the Ricardian theory of rent.

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Lands are cultivated in sequence

All lands are homogeneous

All units of labour are identical

There are original and industuctible powers of soils

Net rent is also called.

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Different rent

Quasi rent

Scarcity rent

Economic rent

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