Question # 1

The demand curve is negatively sloped due to

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Income effect

Substitution effect

Price effect

All the three

During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to

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rightward

leftward

downward

no direction

When AC curve rises, MC curve remains:

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Above AC

Below AC

Equal AC

Negative

Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of:

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Product B will go up

Product will fall

Both the above will take place

Nothing will take place

Price of a product is determined in a free market

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by demand for the product

by supply of the product

by both demand and supply

by the government

Which is the general form of quadratic equation

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x²-x-20 = 0

ax²+bx +c = 0

x²- x -c =0

None of these

One of the following will not be an assumption of the law of diminishing marginal utility.

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Nature of the product should not changed

Mental condition of the consumer

Income of the consumer should not changed

None of the three

An example of labour is

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gambler

jogger

computer engineer

all of the above

If the price of a product increase from Rs. 12 per unit and as a consequence quantity demand of the product falls from 100 units to 50 units . The price elasticity of the product will be.

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2.5

0.5

1.5

3.5

Marginal land

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is uncultivable land

gets low rent

gets no rent

cannot be sold

The law of variable proportions was presented by.

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Jevens

Rayon

Hicks

Valentine

The reward of their services cannot be fixed

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wage earner

rent receiver

interest receiver

profit earner

Fixing of minimum wage

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raises demand for labour

raises profits

causes unemployment

is welcomed by employers

When demand is perfectly elastic, an increase in supply will result in

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decrease in quantity sold

increase in quantity sold

fall in price

b and c above

With a fall in the price of a Giffen good or inferior good its quantity demand will.

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Fall

Rise

Remain unchanged

None of three

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

Intensive cultivation means.

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Extending land for cultivation

Use of more input at the same land

More input and more land to be used`

More land and less labour to be used

Which of the following is a producer good

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pen

cycle

mobile phone

hammer

The law of increasing returns is also known as:

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Law of increasing cost

Law of diminishing cost

Law of constant cost

None of the three

The most efficient scale of production of a firm is where

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LAC is minimum

SAC is minimum

LMC is minimum

SMC is minimum

According to Keynes interest is a payment for

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consumer's preference

producer's preference

liquidity preference

state bank's preference

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