Question # 1

y = 2^x is a.

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Log function

Linear equation

Exponential function

Increasing function

Saqib graduated one month ago. He is still unemployed. His unemployment is

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structural

frictional

seasonal

personal

Law of equimarginal utility is also called.

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Law of substitution

Law of maximum social benefits

Law of economy

Law of maximum satisfaction

According to law of equi-marginal utility a consumer will maximises his total utility when

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He spends all his income on the product only

He spends more on one and less on the other

Marginal utility of the two goods are equalised

Not only the marginals utility of the two goods are equalised, but also the marginal utility of each good is equal to its price.

The following affect rent EXCEPT

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better location

fertility of land

cleverness of landlords

scarcity of land

Which is NOT a cause of shift in cost curves of a frim

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excise tax

prices of inputs

increase in productivity

price of product

Economic development of a country requires

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skilled lobour

diplomacy

abundant natural resources

a and c of aboce

The proportion of rural population in Pakistan is:

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68%

70%

72%

74%

The position of the firm when it is earning maximum of profit and Profit = Total Revenue - Total cost are called

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Perfect competition

Under perfect competition

Equilibrium of firm

None of these

Wants are unlimited for:

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Poor person

Rich person

All persons

None of them

In May 2012, firm was supplying 1000 kg of sugar at market price of Rs. 60/- per kg. During June 2012, firm's supply of sugar had decreased to 900 kg at price Rs. 40/- per kg. These changes show that supply of sugar is

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Perfectly elastic

Perfectly inelastic

Less elastic

More elastic

Utility is most closely related to the term

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useful

useless

necessary

satisfaction

Natural environment that supports production of goods and services is included in

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labour

money

capital

land

The talent of a professor is .

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National wealth

International wealth

Personal wealth

Non of them

Market equilibrium means a situation where

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Q_s= Q_d

Q_s= Q_p

Q_d= Q_p

Q_q= Q_p

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

Money wages are also called

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Nominal Wages

Real wages

Gross wages

Net wages

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

The composite demand for a product is generally:

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Elastic

Inelastic

Equal to unity

Equal to zero

Which on of the following represents fixed cost:

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Price of raw material

Wages

Interests on loan

Rent of land

A monopoly market can be controlled by.

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Fixing of the price by the government

Administrative measures

Introduction of substitutes

Nationalisation

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