Question # 1

Law of substitution is another name for

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law of diminishing MU

law of equi-MU

law of demand

law of satisfaction

The goods used to produce income or wealth are.,

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Consumer goods

Manufactured goods

Merit goods

Capital goods

Normally MR curve intersects MC curve at points

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1

2

3

4

Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is

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a shortage

a surplus

excess supply

loss

For production of goods we need factors

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few

2

4

unlimited

Laws of return apply to firms working in

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perfect competition

monopoly

small firm

all kinds of market situations

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 shape of rectangular hyperbola is made by

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MC

AFC

AVC

TFC

Equilibrium price of a product is determined by:

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The gomverment

An industrialist

Market competition

An agriculturist

The following is NOTa factor of production

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labour

entrepreneurship

land

money

Economics laws are:

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Statements of tendencies in economic behaviour

Unrealistic to deal with real economic problems.

Absolute and certain like the laws of physical science

Used to forecast the growth rate of an economy.

When supply rises more than demand price of the product will.

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Rise

Fall

Remain unchanged

Non of the three

TVC

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starts from origin

not from origin

is parallel to x-axis

is parallel to y-axis

To measure changes in purchasing power of money, we use

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percentages

index numbers

averages

variables

Which is NOTtrue

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perfect monopoly does not exist in real world

perfect competition does not exist in real world

every monopoly is evil

every firm wants to reduce competition

Since marginal land does not yield rent therefore:

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Rent is a part of piece

Rent is not a part of price

Rent determines price

None of the three

Three basic economics problems are

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what, how and for whom

why, where and when

what, which and how much

what, which and why

If a person consumes goods X and Y maximises total utility, then MU per rupee from the two goods must be

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equal

unequal

increasing

decreasing

When total product falls, marginal product is.

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Zero

Positive

Negative

Falling

In case of perfect competition in the market

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marginal revenue curve always slopes upward

marginal revenue curve always slopes downward

marginal revenue is always equal to average revenue

marginal revenue is always less than to average revenue

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

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