Question # 1

Members of a public limited company in Pakistan are.

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5 to 50

10 to 100

7 to any number

only 5

These are kinds of rent EXCEPT

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differential rent

scarcity rent

mobility rent

location rent

With a fixed in the market period, if the demand of a product rises, then:

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Price will fall

Price will rise

Price will remain the same

None of the three

Land as used in economics

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is a free gift of nature

is unlimited in quantity

is not hirable

excludes oceans

Who present the Arc Elasticity formula for the measurement of elasticity of demand.

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R.G.D Allen

Pareto

J.R. Hicks

Robbins

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

A firm attains sub-normal profit when:

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AR = AC

AR < AC

AR > AC

TR < TC

Market is an area where :

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Products are sold

Buyers and sellers come in contact with each other

Price flactuates

Price remain constant

Select the correct statement

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Economics affects politics

Economics affects history

Geography affects economics

all of the above are true

In which form the largest percentage of national income is earned

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interest income

proprietor's income

employees' income

rental income

Supply curve will shift when

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price falls

price rises

demand shifts

technology changes

When marginal utility of a product is zero its total utility will be.

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Increase

Decreasing

Maximum

Constant

A competitive firm is in equilibrium in the long-run where:

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ME = AR = LMC = P

MR = AR = LMC = LAC

MR < AR = LMC <LAC

None of the three

Economic laws can be define as .

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A statement of social behaviour

Laws implement by an executive

Laws of the state

Statement of general economic tendencies

Marginal product curve intersects average product curve when AP curve is

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minimum

maximum

rising

falling

All the products which are priced in the market are.

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Non economic products

Economic products

Private products

Public products

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

When price elasticity of demand for normal goods in calculated, the value is always

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positive

negative

constant

greater than one

Product differentiation is a pre-condition of:

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Perfect competition

Imperfect compitition

Monopoly

Oligopoly

profit is a maximum when

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TC and TR curves are parallel

MC and MR curves are parallel

AC and AR curves are parallel

TFC and TVC are parallel

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

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