Question # 1

Market Price of Perishable

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Commodities

Utility

Consumer

None of these

A firm maximizes profit of

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MRP = wage rate

MRP = ARP

MRP is rising

TRP = wages

In the long run under perfect competition a firm produces at a point where

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LAC is minimum

SAC is minimum

both LAC and SAC are minimum

none is minimum

To say that two goods are unrelated, their cross price elasticity of demand should be

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less than 0

greater than 0

equal to 0

1

Wit rapid economic growth in a country the individual demand curve will:

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Rise

Fall

Extend

Contract

When cross elasticity of demand for A and B is positive number, one can conclude that

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the goods are cheaper

the goods are inferior

the goods are substitutes

the goods are complements

A firm attains sub-normal profit when:

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AR = AC

AR < AC

AR > AC

TR < TC

The law of demand will not be apply in case of

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Inferior goods

Superior goods

Normal goods

Non of them

The law of variable proportions was presented by.

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David Ricords

Alfred Marshall

W.J.L. Ryan

Pareto

Economics laws

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must be followed

are hated by people

show economic behavior of people

are unscientific

Marginal revenue recommended by symbol

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MR

MC

AR

None of these

A consumer in equilibrium when marginal utilities are

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minimum

highest

equal

increasing

A mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called

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Market

Revenue curve

Contact

None of these

Which of the following markets comes closest to perfect market

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wheat market

cigarette market

cold drinks market

stock market

Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.

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Increase

Falls

Remains the same

None of the three

Malaysia enjoys monopoly on rubber, but which kind of monopoluit is.

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Natural monopoly

Social monopoly

Legal monopoly

Implied monopoly

He described economics as a science of material welfare

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Robbins

Marshall

Ricardo

Keyness

Members of a public limited company are elected by.

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Directors

Government

Financial institutions

Share holders

The long run average cost curve is tangent to various

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short run TCs

short run ACs

AVCs

AFCs

Which of the following is a producer good

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pen

cycle

mobile phone

hammer

Scarcity exists

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in only poor countries

in a country that uses resources inefficiently

in all countries of the world

when society produces unimportant goods

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