Question # 1

The basic goal of a firm is to

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maximize revenues

maximize employees' welfare

maximize profit

maximize output

Which of the following is NOT capital as economists use the term

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an office building

machinery in a factory

an industrial robot

money

The main object of trade unions is to:

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Strength the bargaining position of labour

Get jobs for the employed persons

Get recreational facilities

Get free meals

Robbins definition of economics spell out the existence of

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Economics problem

Social problem

Political problem

Moral problem

In case of a fall in supply.

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Quantity supplied falls at the same price.

Quantity supplied rises at the same price.

Quantity supplied remain at the lower price.

None of the three

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

A firm decides to shut down production temporarily when

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MC start rising

AC stat rising

price = AC

price falls below AVC

In which year Alfred Marshall wrote a book entitled "Principle of economics"

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1850

190

1870

1890

Who was the exponent of welfare economics.

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Alfred Marshall.

Adam smith.

Lionel Robbins

J.M. Keynes.

Equilibrium price of a product is determined by:

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The gomverment

An industrialist

Market competition

An agriculturist

In the business world

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a firm working under perfect competition wants to become a monopoly

a firm working under monopoly wants to become a competitive firm

monopoly price is always higher than competitive price

competitive price is always higher than monopoly price

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

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

Select the correct statement

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Economics affects politics

Economics affects history

Geography affects economics

all of the above are true

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

If the government supplies a product at a price less than the equilibrium price, it will create:

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Shortage

Surlius

Non of the two

Equilibrium quantity

Internal economies of scale include

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risk-bearing economics

trade mark

managerial economies

a and c of above

According to law of diminishing marginal utilities , a consumer maximises his total utility where.

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MU_a = MP_a

MU_a = AU_a

MU_a = TC_a

MU_a = P_a

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

These are kinds of rent EXCEPT

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differential rent

scarcity rent

mobility rent

location rent

If marginal product of labour rises because of new technology

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wages will rise

wages will fall

wages will be unaffected

may raise or fall

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