Question # 1

Net investment equals Gross investment MINUS

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fixed capital

capital depreciation

capital appreciation

capital formation

Economic principle are also called

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economic law

economic theory

economic model

all of the above

Mobility of labour can be promoted by.

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Health

Better rewards

Immigration

Information media

When average product falls marginal product

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Rises

Also falls

Remain equal to average product

Does not change

Which one can cause a change in demand

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change in income

change in supply

change in tastes

a and c of above

Variable cost of production are also called.

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Fixed cost

Supplementary cost

Total variable cost

Prime cost

Indifference curves are convex to the origin because

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two goods are perfect substitutes

two goods are imperfect substitutes

two goods are perfect complementary goods

goods area jointly demanded

Marginal land or no rent land is the land which:

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Covers the cost of productions only

Determines rent of the superiorlands

Both a & b

None of the three

How many merits of organization in text book

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7

8

9

10

Change in total cost on the production of one additional unit of output is calculated as .

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Marginal cost

Average cost

Total cost

Marginal product

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

Irrespecitve of price, Somia always spends Rs. 100 a week on ice cream, we conculde that

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elasticity of demand is 0

elasticity of demand is 1

elasticity of demand id infinite

law of demand has been violated

The composite demand for a product is generally:

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Elastic

Inelastic

Equal to unity

Equal to zero

Wants are unlimited for:

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Poor person

Rich person

All persons

None of them

A decrease in demand causes the equilibrium price to

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rise

fall

remain constant

indeterminate

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

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 a part of macro economics.

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Public finance

International trade.

Consumer behaviour.

National income.

One of the following is fixed capital.

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Raw material

Defence saving certificate

Machinery

None f the three

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

The relationship between two variables that move in the same direction is called

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neutral

positive

independent

dependent

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