Question # 1

The product which have close substitute their demand is always.

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More elastic

Perfectly elastic

Perfectly inelastic

Less elastic

Mobility of labour can be promoted by.

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Health

Better rewards

Immigration

Information media

The government constructed a new water reservoir for the purpose of irrigation; this might be taken as

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increase in supply of capital

increase in supply of land

increase in supply of land and supply of capital

none of these

Micro economics concentrates

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on inflation

international economics relations

individual economics units

economics development of Pakistan

If price elasticity of demand is very low, the commodity is

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necessity

luxury

substitute

not available

He said interest is payment for use of money

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Adam Smith

Ricardo

Keynes

Marshall

With a fall in the price of a Giffen good or inferior good its quantity demand will.

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Fall

Rise

Remain unchanged

None of three

TC

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rises continuously

falls then rises

is horizontal to x-axis

is parallel to y-axis

If elasticity of supply is one, supply curve will be

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horizontal

vertical

passing through origin

touching x-axis

Normally a demand curve will have the shape

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horizontal

vertical

downward sloping

upward sloping

Which of the following is correct with respect to resources

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Money is a capital good

Human skills are a labour input

Entrepreneur is part of the labour input

Natural resources include human input

This is capital

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money

forests

machinery

trademarks

The three broad types of productive resources are

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money, profit and interest

capital, labour and natural resources

labour, stock shares and deposits

technology, landl and markets

The goods used to produce income or wealth are.,

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Consumer goods

Manufactured goods

Merit goods

Capital goods

Efficiency of labour is not affected by

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attitude of worker

attitude of employer

attitude of wife/husband

all affect

Utility is most closely related to the term

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useful

useless

necessary

satisfaction

Laws of return apply to firms working in

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perfect competition

monopoly

small firm

all kinds of market situations

Law of decreasing returns generates

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law of economic growth

law of increasing costs

law of variable costs

law of decreasing costs

normative economics

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deals solely with the facts

is never studied in colleges

involves opinions and interpretations

is clearly preferable to positive economics

Short run means is a period

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less than one year

in which at least one input is fixed

in which no input can be changed

in which firms can easily enter or exit

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