Question # 1

Commercial economics are a pat of:

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Internal economics

External economics

Economies of scale

None of the three

In case of monopoly

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marginal revenue curve always slopes upward

total revenue curve always slopes upward

marginal revenue is always equal to average revenue

marginal revenue is always less than average revenue

Which one is not doing an economic activity.

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One who is offering prayers.

One who works for wage.

One who rents out his property .

One who is an employee of Government

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 number of goods and services which one unit of a product can command in exchange for it is its.

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Value of money

Value in exchange

Price

Utility

How many various forms of capital

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7

8

9

10

The products which are not priced in the market are called .

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Economic goods

Non-economic goods

Merit goods

Social goods

Different prices are charged from different customers of the same product. This is called.

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Short run price

Price instability

Price discrimination

Long run price

He described economics as a science of material welfare

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Robbins

Marshall

Ricardo

Keyness

Labour intensive technique of production means.

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More labour and less capital

Less labour and more capital

More labour and no land

More land and no labour

The basic goal of a firm is to

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maximize revenues

maximize employees' welfare

maximize profit

maximize output

Factors of production are recently termed as.

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Output

Outly

Input

None of them

He presented a theory of rent

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Malthus

Allama Iqbal

Ricardo

Marshall

The extent of market depends upon

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Means of transport and communication

Political instability

Economics instability

Trade restriction

Economics problems arise because of

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greed

scarcity

dishonesty

laziness

About labour we can say with certainty that it is

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Perishable

Hirable

Reliable

all of the above

Extension of supply will take place as a consequence of:

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Change in price

Change in population

Change in technology

Change in money supply

Union leaders are in better position bargain for higher wages if demand for labour is

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elastic

inelastic

very large

permanent

Law of substitution is another name for

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law of diminishing MU

law of equi-MU

law of demand

law of satisfaction

An important factor which promotes large scale production is:

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Extant of market

Revolutionary changes in social life

Culture and civilization

All the three

Optimum population is defined by the economists as the level of population at which

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death rate equals birth rate

labour productivity is maximized

country achieves food self sufficiency

national income per head is maximesed

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