Question # 1

In production of goods, negative returns in the short run imply that

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average product is negative

total product is negative

marginal product is negative

marginal cost is falling

The supply curve of day to day market is.

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Touching the horizontal axis

Touching the vertical axis

Perfactly elastic

Perfactly inelastic

One of the following does not represent imperfect competition.

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Day to day market

Monopoly

Duopoly

Monopolistic Competition

The price of a product double due to which its quantity demand falls to one half. The elasticity of demand for product will be:

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Equal to unity

Lass than unity

Greater than unity

Equal to zero

A ______ is something which is measurable and can take on different values

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Variable

Constant

Both a and b

None of these

If price is set above equilibrium level, there will be

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surplus commodity in the market

shortage of commodity in the market

supply curve will shift

demand curve will shift

All the following are U-shape except

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AVC

AFC

AC

MC

The submit the plan to the Registrar of Joint Stock Companies along with ______ documents

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Two

Three

Four

Five

Profits

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are residual payment

are pre-detemined

are fixed by contract

are always higher than wages

Why should employ units of a factor to a point where

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MP is negative

MP is equal to price of the factor

MP is positive

MP is rising

Profits arise

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only in monopoly

because of uncertainty

shortage of goods

like interest

Every factor of production gets reward equal to

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value of average product

value of marginal product

value of total product

total revenue

During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to

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rightward

leftward

downward

no direction

If a change in demand is brought by a change in income, of demand will be.

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Income elasticity

Price elasticity

Cross elasticity

Arcelasticity

When supply rises more than demand price of the product will.

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Rise

Fall

Remain unchanged

Non of the three

Estimate of Pakistan's population for 2013 is

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185 million

285 million

385 million

485 million

One of the following is not a characteristics of economic laws.

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Economic laws lack exactitude

Economic laws lack predictability

They are not universa!

They are not optional

One of the following will not be capital.

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Mchinery

Means of communication

Water falls

Means of transportation

Stock exchange is market where we can buy:

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Shares

Foreign exchange

Factors of production

Consumer goods

Perfect competition is a situation of market, where there are very large number of firms selling the same commodity are called

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Revenue curve under perfect competition

Monopoly curve

Total revenue curve

None of these

A horizontal demand curve has a price elasticity of

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zero

infinity

1

variable

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