Question # 1

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

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Public finance

International trade.

Consumer behaviour.

National income.

The kind of market is undesirable

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general market

specialized market

local market

monopoly market

The following is NOTa factor of production

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labour

entrepreneurship

land

money

y = 20-5 x this function is.

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Increasing function

Decreasing function

Constant function

Exponential function

Which is true

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labour produces land

land produces labour

labour produces capital

capital produces labour

The difference between iron ore deposits and the steel produced illustrates the difference between

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labour and natural resources

labour and capital

natural resources and capital

natural resources and entrepreneurship

Specialization of labour has the advantage.

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increased production

introduction of new technology

increases in self-sufficiency

a and b of above

A public corporation comes into existence by means

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registration under the Companies Act

Act of parliament

decision by the shareholders

registration with the Stock Exchange

Marginal product curve intersects average product curve when AP curve is

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minimum

maximum

rising

falling

Initial utility of a product is :

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Highest

Lowest

Conatant

None of them

When demand is perfectly elastic, an increase in supply will result in

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decrease in quantity sold

increase in quantity sold

fall in price

b and c above

Father of the political economy

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Adam smith

Malthus

Marshall

Samuelson

Long-run supply curve of labour is.

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Negatively stoped

Positively sloped

Parallel to the horizontal axis

Parallel to vertical axis

The major difference between perfect competition and monopolistic competition is

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unity of frims

differentiated product

rate of profit

free exit and entry

Trade Unions in Pakistan are unable to get an increase in wage rates because of :

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Minimum wage law

Low labour efficiency

Capital intensive projects

Lack of Natural resources

The talent of a professor is .

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National wealth

International wealth

Personal wealth

Non of them

When total product (TP) reaches its maximum, Marginal product (MP) is_

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Zero

Positive

Negative

Rising

The elasticity f demand in case of substitute is called.

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Income elasticity of demand

Priceelasticity of demand

Crosselasticity of demand

None of the three

In short period how many possibilities in which a firm may find itself

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four

five

six

seven

Elasticity of demand in case of minor change in price and quantity demand will be .

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Income elasticity of demand

Cross elasticity of demand

Point elasticity of demand

Arc elasticity of demand

When the price of a product increase by 100 percent and as a consequence, its quantity supplied increase by 125 percent, Its elasticity of supply will be.

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Less than unity

Greater than unity

Equal to unity

Equal to zero

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