Question # 1

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

Estimate of Pakistan's population for 2013 is

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185 million

285 million

385 million

485 million

Economics of scale are of two kinds

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temporary and permanent

internal and external

managerial and industrial

natural and artificial

The capital which loses it from whenever it is used, is

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Circulating capital

Fixed capital

Money capital

Real capital

Micro economics concentrates

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on inflation

international economics relations

individual economics units

economics development of Pakistan

Wealth of nations

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is another name for united nations

is name of a book

indicates total wealth of rich countries

contains formulas to earn wealth

The kind of market is undesirable

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general market

specialized market

local market

monopoly market

The law of demand will not be apply in case of

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Inferior goods

Superior goods

Normal goods

Non of them

A variable is a symbol which, during a discussion, may assume different values or a set of admissible values. This is the definition of

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Prof. Kooros

Prof. Marshall

Prof. Rabbins

Prof. Kneez

This is a tool in economic studies

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market

price

firm

functional relation

Land is mobile factor of production.

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Not mobile

Mobile by the transfer ownership

Geographically mobile

Mobile vertically

Pollution which is side effect of producing or consuming something and which is not taken into account by producers and sellers is called

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externality

wastage

extra cost

opportunity cost

All labour is

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homogeneous

heterogeneous

lazy

intelligent

Law of equi marginal utility provides basis for.

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Equal distribution of wealth

Economy in taxation

Law of diminishing returns

Law of constant returns

To promote capital investment in a country, what is essentially required is.

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Basic infrastructure

Bank credit

Law and ordered

Stock broker

When total product rises marginal product.

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Remains the same

Falls

Also rises

None of the three

When a firm using a fixed amount of land and capital takes on more workers, it finds that marginal product(MP) of labour falls but the average product(AP) of labour rises. This can be explained by the factors that

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MP of labour is grater than AP of labour

additional workers are more efficient

MP and AP are equal

AP is maximum

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 cost which a firm incurs for purchasing or hiring factors is called

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implicit

explicit

real

basic

x² - y² = 10 This function can be termed as .

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Expicit function

Implicit function

Linear function

Constant function

"The reward for a factor is determined by the marginal revenue product of the factor" . it was said by:

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J.M. Keynes

Taussing

Hansen

Carver

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