Question # 1

Rotten eggs are

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free good

economic good

service

wealth

When demand is perfectly inelastic, an increase in price will result in

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decrease in total revenue

increase in total revenue

no change in total revenue

decrease in quantity demanded

:It is not possible to separate marginal revenue product of each factor of production:. It was said by:

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Carver

Hobson

Hansen

Hicks

The price of an non-economic good is:

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Very low

Very high

Zero

Negative

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

A firm should shut down in the short run if it is not covering its

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variable cost

fixed cost

total cost

explicit cost

Loinel Robbins wrote a book entitled "Nature and Significance of economic science" in.

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1776

1998

1931

1936

Consists of all kinds of wealth, other than free gifts of nature, which yield income are called

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Capital

Productivity of capital

Both a and b

None of these

Human wants are

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one thousand

few

innumerable

countable

We establish ______ conditions for equilibrium

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2

3

4

5

At the point of equilibrium of firm under perfect competition

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MC curve must be rising

MC curve must be falling

MR curve must be rising

MR curve must be falling

Marginal revenue recommended by symbol

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MR

MC

AR

None of these

All materials goods which can satisfy humans wants are called.

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Non economic goods

Economic goods

Capital goods

Services

For an individual farmer, rent paid by him

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is part of cost and affects price of his product

does not enter into price of his product

is unjustified

cannot be determined

Wealth of nations

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is another name for united nations

is name of a book

indicates total wealth of rich countries

contains formulas to earn wealth

The quality of commodity that satisfies some human want or need is called

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service

demand

utility

efficiency

Which is the general form of quadratic equation

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x²-x-20 = 0

ax²+bx +c = 0

x²- x -c =0

None of these

The products which are not priced in the market are called .

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Economic goods

Non-economic goods

Merit goods

Social goods

Which of the following is NOTa characteristic of perfect competition?

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free entry and exit of the firm

demand curve of a firm is horizontal

marginal revenue curve is horizontal

individual firm can influence the price

Mr. Suleri bought 50 litters of petrol when his monthly income was Rs. 25000. Now his monthly income has risen to Rs. 50000 and he purchases 100 litres of petrol. His income elasticity of demand for petrol is

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1

100%

less than one

more than one

If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is

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0.05

10

20

indeterminate

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