Question # 1

TVC

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starts from origin

not from origin

is parallel to x-axis

is parallel to y-axis

Which of the following markets comes closest to perfect market

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wheat market

cigarette market

cold drinks market

stock market

If a public limited company issues bonds to increase resources, then it pays

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fixed premium to bond holders

fixed interest to bond holders

fixed tax to bond holders

fixed profit to bond holders

The word "LIMITED" at the end of a firm's name means

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it produces only commodity

has limited capital

cannot have more than 100 members

shareholders liability to pay debt of firm cannot exceed value of their investment

The products which are not priced in the market are called .

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Economic goods

Non-economic goods

Merit goods

Social goods

If price changes by one % and supply changes by 2% then supply is

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elastic

inelastic

indeterminate

static

An increases in demand would cause supply curve to

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shift to the left

shift to the right

change in slope of supply curve

no effect on supply

Cross elasticity of Suzuki and Honda cars will be

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Positive

negative

zero

infinite

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

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

The price of an non-economic good is:

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Very low

Very high

Zero

Negative

Wealth of Nations was written by

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Adam Smith

Malthus

Marshall

Newton

A firm attains sub-normal profit under perfect competition when its:

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AR = P (Price)

AR < P

AC = P

AC < P

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

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Expicit function

Implicit function

Linear function

Constant function

Only those goods are priced in the market which have:

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Utility

Sacrcity

Transferability

All of the above

He described economics as a science of material welfare

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Robbins

Marshall

Ricardo

Keyness

Land, labour and capital are needed to produce goods. They are collectively called

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elements of production

factors of production

tools of production

cost of production

Under monopoly:

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AR = MR

AR > MR

AR < MR

AR = MR

In the second stage of the law of variable of proportions the average product:

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Rises

Remains constant

Falls

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

Economics problems arise because of

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greed

scarcity

dishonesty

laziness

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