Question # 1

Rotten eggs are

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free good

economic good

service

wealth

In economic capital refers to

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money

high quality goods

trade mark

machinery and factories

Which of the following factors takes risk, innovates and coordinates

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capital

labour

bank

entrepreneur

Commercial economics are a pat of:

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Internal economics

External economics

Economies of scale

None of the three

Fixing of minimum wage

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raises demand for labour

raises profits

causes unemployment

is welcomed by employers

The supply of perishable goods is.

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Elastic

Inelastic

Perfectly elastic

None of the above

The rent which is paid in the short run due to perfectly inelastic supply of a factor is known as.

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Deffertial rent

Economic rent

Quasi rent

Scarcity rent

Unemployment due to mechanization of agriculture is

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seasonal

structural

industrial

personal

Which laws are always subjected to certain conditions.

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Social

Political

Moral

Economic

Which is true

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labour produces land

land produces labour

labour produces capital

capital produces labour

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

Which is a condition for existence of monopoly

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big size

identical product

absence of government taxes

no close substitute

All factors of productions are variable in the:

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Marked period

Short period

long period

None of the three

In the second stage of the law of variable of proportions the average product:

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Rises

Remains constant

Falls

None of the three

A consumer's spending is restricted because of

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marginal utility

budget constraint

demand curve

unlimited wants

When labourers do not get jobs according to their qualification it will be :

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Unemployment

Under employment

Disguised unemployment

None of the three

When the price of a product falls and as a concequence the demand for the product increase. it will be.

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Rise of demands

Fall of demand

Extension of demand

Contraction on demand

Total cost curve in general is a.

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Linear function

Quadratic function

Cubic function

Long function

Stock exchange is market where we can buy:

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Shares

Foreign exchange

Factors of production

Consumer goods

A contour line which slopes downward from left to right and yield equal level of satisfaction to consumer with the given income is.

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Negatively slop curve

An indifference curve

Positively sloped Curve

None of the above

Perfectly inelastic supply curve is:

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Parallel to vertical axis

Parallel to horizontal axis

Rises upward to the right

Falls downward to the right

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