Question # 1

The elasticity f demand in case of substitute is called.

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Income elasticity of demand

Priceelasticity of demand

Crosselasticity of demand

None of the three

Gross profit includes

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monopoly profit

pure profit

windfall profit

all of the above

Ceteris paribus means

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other things equal

all variable are independent

all relationships are inverse

that no other assumptions are made

In the long run under perfect competition a firm produces at a point where

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LAC is minimum

SAC is minimum

both LAC and SAC are minimum

none is minimum

Which is NOT a cause of shift in cost curves of a frim

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excise tax

prices of inputs

increase in productivity

price of product

Total utility is maximised when.

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Marginal utility is zero

Marginal utility falls

Marginal utility rises

Non of the above

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

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positive

negative

constant

greater than one

The utility of an additional unit of a product is

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Law of demand

Law of substitution

Law of supply

Law of diminishing marginal utility

The long run average cost curve is tangent to various

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short run TCs

short run ACs

AVCs

AFCs

Under perfect competition, demand for a factor is its

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MRP curve

ARP curve

TRP curve

TR - TC

Choose the correct establish condition for equilibrium

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MR = MC

MC intersects MR curve from below

MC + MR

Both a and b

One of the following will not be capital.

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Mchinery

Means of communication

Water falls

Means of transportation

If equilibrium price rises but equilibrium quantity is unchanged, the cause is

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supply and demand both increase equally

supply and demand decrease equally

supply curve is vertical and demand increases

supply increases and demand is same

Who present the Arc Elasticity formula for the measurement of elasticity of demand.

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R.G.D Allen

Pareto

J.R. Hicks

Robbins

Law of equimarginal utility is also called.

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Law of substitution

Law of maximum social benefits

Law of economy

Law of maximum satisfaction

How many kinds of data?

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2

3

4

5

Short run cost curves are.

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v-shaped

Dish-shaped

U-shaped

L-shaped

Under perfect competition

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AC = AVC

AR = AC

AR = MC

AR= MR

Which of the following saying describes diminishing marginal returns in the short run?

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When the cat is away, the mouse will play

Too many cooks spoil the broth

A rolling stone gathers no moss

A stitch in time saves nine

The transformation of resources into economic gods and services is

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input

production

entrepreneur

market

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

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