Question # 1

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

Marginal product curve intersects average product curve when AP curve is

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minimum

maximum

rising

falling

Debenture holders recive.

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Interest

Wages

Dividend

Profit

The rent which is paid in the short run due to perfectly inelastic supply of a factor is known as.

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Deffertial rent

Economic rent

Quasi rent

Scarcity rent

In the long-run a competitive firms attains only:

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Normal profit

Super Normal profit

Sub-Normal profit

Marginal cost

Which one is the non-economic activity.

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Service of a doctor

Morning walk

Service of teacher

Service of an advocate

If price and total revenue move in the same direction, then demand is

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inelastic

elastic

unrelated

perfectly elastic

A firm attains equilibrium under monopoly where:

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AR = MR

AC = MC

MR = MC

AR = AC

One of the following will not cause a rise and fall on demand.

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Change in income

Change in weather

Discovery of a substitute

Distribution of income remaining the same

The demand of a good falls when.

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Its price falls

Price of the substitute changes

its price rises

It price remain constant

Loinel Robbins wrote a book entitled "Nature and Significance of economic science" in.

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1776

1998

1931

1936

Economic wants.

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Can unlimited

Capital goods

Social goods

Public goods

Why should employ units of a factor to a point where

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MP is negative

MP is equal to price of the factor

MP is positive

MP is rising

The capital laying in the deposits of commercial bank is called.

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Domestic capital

Real capital

Foreign capital

Money capital

Which type of problems are brought under discussion in micro economics .

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Consumer's behaviour

International trade

Balance of payment

Public finance

Economies of scale

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occur when increase in input less than proportionate increase in output

suggest that firm's marginal cost curve lies above its average cost curve

suggest that the firm's marginal cost curve is declining

occur when average cost is falling

With a fall in price quantity demand changes in such a way that total expenditure of the consumer remain constant, elasticity of demand will be.

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Equal to unity

Greater than unity

Less than unity

Equal to zero

When MP is zero, TP is

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minimum

maximum

rising

falling

The price of an non-economic good is:

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Very low

Very high

Zero

Negative

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

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Natural monopoly

Social monopoly

Legal monopoly

Implied monopoly

The slopes of average and marginal products curves are always zero under:

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Law of increasing returns

Law of diminishing returns

Law of constant returns

Law of variable propoitions

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