Question # 1

The following affect rent EXCEPT

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better location

fertility of land

cleverness of landlords

scarcity of land

MRP curve of a factor represents the.

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Supply curve of the factor

Demand curve of the factor

Either demand or supply curve of the factor

None of the three

Productivity of capital depends upon

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quality of labour

quality of raw materials

quality of management

all of the above

Elasticity of demand in case of minor change in price and quantity demand will be .

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Income elasticity of demand

Cross elasticity of demand

Point elasticity of demand

Arc elasticity of demand

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

The basic economic problem to all societies is

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elimination of scarcity

what how and for whom to produce

equal distribution of wealth

to develop agriculture

It is an example of public limited company

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WAPDA

President House

SHELL petroleum

none of the above

Which is NOT an advantage of division of labour

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workers spend less time moving from job to job

workers becomes dependent on other workers

workers become more efficient at performing repeated task

machinery is more easily introduced to perform simple tasks

One of the following is not assumption of the marginal productivity theory.

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All factors of production are present substitutes of each other.

Law of increasing return applies in the production process.

There is perfect mobility of factor of production

Units of each factors of production are identical

All factors of productions are variable in the:

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Marked period

Short period

long period

None of the three

Constant are represented by symbol

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C

V

P

U

One of the following does not represent imperfect competition.

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Day to day market

Monopoly

Duopoly

Monopolistic Competition

When MU is positive, TU

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increases

decreases

remains constant

is maximum

Which one of the following pairs represent complementary demand for a product.

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Tea & coffe

Butter & Margarine

Shirt & shoes

Shirt & trouser

As output increase, one of the following costs will also increase:

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Marginal cost

Average cost

Variable cost

Fixed cost

Profit is maximum when

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distance between TR and TC is maximum

distance between AR and AC is maximum

distance between MR and MC is maximum

distance between MR and AR is maximum

Economics

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is more important than mathematics

is a social science

should be made compulsory for every student

is difficult to study

This is an assumption of law of demand

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price of the commodity does not change

quantity should not change

supply should not change

income of consumer should not change

The goods used to produce income or wealth are.,

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Consumer goods

Manufactured goods

Merit goods

Capital goods

Irrespecitve of price, Somia always spends Rs. 100 a week on ice cream, we conculde that

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elasticity of demand is 0

elasticity of demand is 1

elasticity of demand id infinite

law of demand has been violated

Total cost curve in general is a.

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Linear function

Quadratic function

Cubic function

Long function

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