Question # 1

Gross profit does NOT include

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rent of his own land

interest of his own capital

pure profit

taxes

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

They can expand their business by selling shares in the stock market

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proprietor of a business

partners of the business

joint stock company

industrial cooperative societies

Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is

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10%

30%

3

1/3

The elasticity f demand in case of substitute is called.

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Income elasticity of demand

Priceelasticity of demand

Crosselasticity of demand

None of the three

Buyers and sellers under perfect competition are.

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The same in number

Large in number

Small in number

None of the above

The part of wealth, other than natural resources, which can be used for further production of wealth are called

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Capital

Revenue

Fundamentals of economics

None of these

The supply of land is fixed whereas its Demand is increase day by day, the rent Produced in this way is:

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Differential rent

Scarcity rent

Quasi rent

Economic rent

One of the following is not land.

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Sui gas

Electric power

Atlantic Ocean`

A river

If a firm increases the ratio of capital to labour, it becomes more

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labour intensive

capital intensive

output intensive

input intensive

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

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elastic

inelastic

very large

permanent

Which of the following is capital

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tractor

TV station

tarbela dam

all of the three

With decrease in price of bonds, rate of interest

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decreases

increases

does not change

none of the above

How many various forms of capital

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7

8

9

10

Increasing the minimum wage for workers will

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solve the unemployment problem

result in scarcity of workers

cause substitution of capital for labour

decreases the MP of those workers

A rise in supply and demand in equal proportion will result in

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increase in equilibrium price and decrease in equilibrium quantity

decreases in equilibrium price and increases in equilibrium quantity

no change in equilibrium price and increases in equilibrium quantity

increases in equilibrium price and no change in equilibrium quantity

The quantities of a commodity offered for sale at different prices during a given period of time are called

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Supply

Demand

Stock

None of these

The product which have close substitute their demand is always.

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More elastic

Perfectly elastic

Perfectly inelastic

Less elastic

A producer will employ workers up to the point where its MRP becomes

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ARP

current wage rate

negative

equal to profit

The government constructed a new water reservoir for the purpose of irrigation; this might be taken as

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increase in supply of capital

increase in supply of land

increase in supply of land and supply of capital

none of these

When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.

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Equal to unity

Less than unity

Greater than unity

Equal to zero

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