Question # 1

An important factor which promotes large scale production is:

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Extant of market

Revolutionary changes in social life

Culture and civilization

All the three

Human wants are

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one thousand

few

innumerable

countable

Normally MR curve intersects MC curve at points

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1

2

3

4

When a supply of a commodity increases without change in price it is called

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fall in supply

expansion in supply

contraction in supply in

rise in supply

He presented a theory of rent

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Malthus

Allama Iqbal

Ricardo

Marshall

Profit = ?

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TR - TC

TR - MC

TC - MC

TR + TC

Which is NOT a cause of slow capital formation in Pakistan

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poverty

illiteracy

bad governance

low rate of taxes

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

In the long-run a firm attains under monopoly;

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Normal profit

Super normal profit

Sub-normal profit

Any on of the above

Labour is hirable but you cannot hire

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capital

land

manager

entrepreneur

______ is a science which is concerned with the collection, presentation, and interpretation of numerical data

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Statistics

Economics analysis

Function

None of these

The good which are used to produce more goods are.``

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Social goods

Capital goods

Consumer goods

Public goods

Which is NOTtrue

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perfect monopoly does not exist in real world

perfect competition does not exist in real world

every monopoly is evil

every firm wants to reduce competition

The sacrifice of an alternative use of resources to produce something is called its

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real cost

opportunity cost

sacrifice cost

alternative cost

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

Economic laws can be define as .

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A statement of social behaviour

Laws implement by an executive

Laws of the state

Statement of general economic tendencies

Members of a public limited company are elected by.

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Directors

Government

Financial institutions

Share holders

To reduce unemployment the govt. may

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reduce money supply

reduce mobility of labour

reduce minimum wages

increase government spending

Gross profit includes

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monopoly profit

pure profit

windfall profit

all of the above

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

A group of buyers and sellers that exchange a goods or services at a price are called

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Market

Commodity

Place

None of these

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