Question # 1

In which form the largest percentage of national income is earned

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interest income

proprietor's income

employees' income

rental income

Wealth of Nations was written by

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Adam Smith

Malthus

Marshall

Newton

Who is unemployed

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housewife

college student

a peer who lives on gifts from mureeds

a freshly graduated engineer who is searching for a job

A short period market is the market of.

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Perishable goods

Durable goods

Consumer goods

Capital goods

A firm attains equilibrium under monopoly where:

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AR = MR

AC = MC

MR = MC

AR = AC

Adam Smith wrote a book entitled "An enquiry into the nature and causes of wealth of nation" in.

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1784

1792

1776

1796

Law of Equi marginal utlility is a low of

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production of wealth

consumption of wealth

distribution of wealth

exchange of wealth

Long run cost curves can be termed as.

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V-shaped

U-shaped

Oval-shaped

Dish-shaped

Indifference curves are convex to the origin because

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two goods are perfect substitutes

two goods are imperfect substitutes

two goods are perfect complementary goods

goods area jointly demanded

The borrower has to pay interest because of

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His poverty

productivity of capital

greediness of capitalist

scarcity of capital

Qd = 50 - 5P people will demand 50 when price of the product is:

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Very high

Very low

Zero

Unity

The maximum number of parteners in a partnership is .

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20

30

15

18

Every factor of production gets reward equal to its

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cost

marginal product

price

increasing return

All factors of production are substitutable with each other. it is held by:

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Wicksteed

Hicks

Pareto

The maximum point of TP curve is at quantity of labour where

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Average physical product of labour is equal to 1

MPP of labour is at its maximum

curves of APP and MPP of labour intersect

MPP of labour is zero

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

The elasticity of demand of durable goods is

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less than unity

greater than unity

equal to unity

zero

Rickshaw has replaced tonga as local transport. As a result the tongs-drivers have become unemployed. Such unemployment is called

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structural

frictional

seasonal

personal

Marginal revenue recommended by symbol

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MR

MC

AR

None of these

Specialization of labour has the advantage.

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increased production

introduction of new technology

increases in self-sufficiency

a and b of above

Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.

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Increase

Falls

Remains the same

None of the three

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