Question # 1

One of the following is not an exception to the law of diminishing marginal utility .

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Money

Knowledge

Music

Non of them

Under perfect competition

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AC = AVC

AR = AC

AR = MC

AR= MR

Profit is maximum when

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TC and TR curves are parallel

MC and MR curves are parallel

TC and TR curves cross each other

AC and AR curves cross each other

The supply of labour is based on the trade off between leisure and

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wealth

work

wages

price of product

When price elasticity of demand for normal goods in calculated, the value is always

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positive

negative

constant

greater than one

In case of a fall in supply.

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Quantity supplied falls at the same price.

Quantity supplied rises at the same price.

Quantity supplied remain at the lower price.

None of the three

The maximum number of parteners in a partnership is .

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20

30

15

18

Scarcity exists

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in only poor countries

in a country that uses resources inefficiently

in all countries of the world

when society produces unimportant goods

Robbins in his definition

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talks of scarcity of resources

preached moral values

supports Adam smith view

none of the above

Professor Knight is famous for his theory of

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rent

profit

population

wages

Which is true

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capital depreciates

capital is primary factor of production

capital in not hireable

human capital is real capital

Law of diminishing marginal utility provides basis for:

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Law of demand

Law of supply

Laws of returns

Law of variable proportions

How many types of organization

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5

6

7

8

A joint stock company has

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limited liability

unlimited liability

limited capital

unlimited capital

Which of the following is a demand function?

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Q + 4P = 20

Q = 35 + 3P

Q - 2P - 15 =0

5P - Q = 4

The capital which loses it from whenever it is used, is

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Circulating capital

Fixed capital

Money capital

Real capital

How many Kinds of variables?

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There are many kinds of variables

There are 2 kinds of variables

There are 3 kinds of variables

There are 4 kinds of variables

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

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

x = f (y).

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x is a dependent variable.

y is a dependent variables

x and y are dependents variables.

None of the three

All labour is

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homogeneous

heterogeneous

lazy

intelligent

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