Question # 1

Geographical mobility is not possible for

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land

labour

capital

wealth

One of the following is not assumption of the marginal productivity theory.

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All factors of production are present substitutes of each other.

Law of increasing return applies in the production process.

There is perfect mobility of factor of production

Units of each factors of production are identical

Unemployment due to mechanization of agriculture is

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seasonal

structural

industrial

personal

Total cost = Total variable cost in the.

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Marked period

Short run

Long run

None of the three

Capital formation lakes place when

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people save a part of their incomes

saved amount is invested

investors expect good return

all of the three

A change in price brings in quantity supplied. it will be.

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Rise in supply

Contraction of supply

Fall in supply

Extension of supply

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

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Public finance

International trade.

Consumer behaviour.

National income.

An increases in demand would cause supply curve to

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shift to the left

shift to the right

change in slope of supply curve

no effect on supply

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

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Imperfect compitition

Monolopy

Oligopoly

Perfect competition

A variable is a symbol which, during a discussion, may assume different values or a set of admissible values. This is the definition of

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Prof. Kooros

Prof. Marshall

Prof. Rabbins

Prof. Kneez

The cost which a firm incurs for purchasing or hiring factors is called

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implicit

explicit

real

basic

Economic development of a country requires

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skilled lobour

diplomacy

abundant natural resources

a and c of aboce

The quality of commodity that satisfies some human want or need is called

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service

demand

utility

efficiency

The concept of perfect competition was introduced by.

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Adam Smith

Alfred Marshall

Keynes

Malthus

Every country should have population

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minimum

constant

optimum

fast growing

MC is given by slope of

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TFC

TC

ATC

AVC

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

Marshall wrote the book

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Introduction to economics

Principles of economics

Classical economics

Micro economics theory

Given the supply curve, a fall in demand will.

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Increase equilibrium quantity of the product

Decrease equilibrium quantity of the product

Not affect equilibrium quantity

Not affect equilibrium price

In the long run under perfect competition a firm produces at a point where

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LAC is minimum

SAC is minimum

both LAC and SAC are minimum

none is minimum

A firm earns economic profit when total profit exceeds

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normal profit

implicit costs

explicit costs

variable costs

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