Question # 1

Which one is not determinant of demand

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tastes

income

method of production

price

x = f (y).

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x is a dependent variable.

y is a dependent variables

x and y are dependents variables.

None of the three

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

If demand has unit price elasticity, a change in price causes

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increase in total revenue

decrease in total revenue

no change in total revenue

indeterminate

A firm should shut down in the short run if it is not covering its

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variable cost

fixed cost

total cost

explicit cost

Which is true

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labour produces land

land produces labour

labour produces capital

capital produces labour

He prepares the initial plan of the business

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capitalist

manager

entrepreneur

officer

If we know that quantities bought and sold are equal, we can conclude that

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quantities demanded and supplied are also equal

the market is in equilibrium

there will be no tendency for a price change

all of the above

Capital formation lakes place when

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people save a part of their incomes

saved amount is invested

investors expect good return

all of the three

We establish ______ conditions for equilibrium

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2

3

4

5

If elasticity of supply is one, supply curve will be

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horizontal

vertical

passing through origin

touching x-axis

A fall fall in supply will take place due to a:

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Business collusion

Bumper crop

Fall in custom duty

Fall in income

When average product falls marginal product

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Rises

Also falls

Remain equal to average product

Does not change

Economic principle are also called

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economic law

economic theory

economic model

all of the above

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

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elastic

inelastic

very large

permanent

Profits

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are residual payment

are pre-detemined

are fixed by contract

are always higher than wages

Who said that "Economics is a science of human welfare"

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Adam Smith

Carlyle and Ruskin

Alfred Marshall

Malthus

Land means

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sea

surface of earth

natural forests

all natural resources

If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is

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0.05

10

20

indeterminate

Marginal revenue of a monopolist is

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equal to price

greater than price

less than price

increases with output

Which one of the following is a functional equation of demand:

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Q - 20 + 2P = 0

Q - 3 - 3P = 0

Q + -2P = 0

None of the three

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