Question # 1

Profit = ?

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TR - TC

TR - MC

TC - MC

TR + TC

When total product falls, marginal product is.

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Zero

Positive

Negative

Falling

It is most suitable for large scale business

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proprietorship

partnership

corporation

cooperative society

A firm decides to exit the industry when

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AC starts rising

MC starts rising

price is less than LAC

TC starts rising

During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to

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rightward

leftward

downward

no direction

In factor market, which statement is true

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wages are determined by MP

Rent is fixed by landlords

interest rate is determined by Govt.

profit is determined by luck

Pakistan population is growing a rate of .

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2 % per annum

1. 8 % per annum

2.9 % per annum

2.2 % per annum

In case of perfectly elastic demand curve, the demand curve will be parallel to the.

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Horizontal Axis

Vertical Axis

None of the above

According to Malthus, population increase by

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arithmetic progression

geometric progression

systematic progression

automatic progression

When labourers do not get jobs according to their qualification it will be :

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Unemployment

Under employment

Disguised unemployment

None of the three

Micro economics concentrates

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on inflation

international economics relations

individual economics units

economics development of Pakistan

x² - y² = 10 This function can be termed as .

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Expicit function

Implicit function

Linear function

Constant function

A monopoly firm is in equilibrium when

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MC intersects AC

MC intersect MR

AC intersects AR

TC intersects TR

Marshall is his definition of economics

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uses the concept of material welfare

dislikes wealth

accuses Adam smith

Praises Robbins

Everyone should study economics is a

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positive statement

normative statement

true statement

nonsense

In monopoly at various output levels

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AR = MR

AR < MR

AR > MR

AR and MR curves are parallel

Which one is increasing function of price

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demand

utility

supply

consumption

In monopoly and perfect competition the cost curves are

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similar

different

opposite

falling in competition rising in monopoly

Profit is maximum when

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distance between TR and TC is maximum

distance between AR and AC is maximum

distance between MR and MC is maximum

distance between MR and AR is maximum

When marginal utility of a product is zero its total utility will be.

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Increase

Decreasing

Maximum

Constant

Market equilibrium means

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number of buyers and sellers are equal

demand and supply of commodity are equal

no price is changing

prices rise very slowly

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