Question # 1

Initial utility of a product is :

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Highest

Lowest

Conatant

None of them

The minimum wage is an example of

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price floor

price ceiling

equilibrium wage

efficiency of labour

To show data in tables, we must first

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reduce data

expand data

classify data

all of the above

When both demand and supply fall in equal proportions, price of the product will .

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Fall

Rise

Remain the same

None of the above

The production function relates to

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cost of output

cost of input

output to input

demand to output

Every factor of production gets reward equal to

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value of average product

value of marginal product

value of total product

total revenue

.Which one is not an economic want.

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Want for food

Want to be a doctor

Want to fall in love

Non of the above

Marshall is his definition of economics

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uses the concept of material welfare

dislikes wealth

accuses Adam smith

Praises Robbins

The maximum number of parteners in a partnership is .

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20

30

15

18

If equilibrium price rises but equilibrium quantity is unchanged, the cause is

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supply and demand both increase equally

supply and demand decrease equally

supply curve is vertical and demand increases

supply increases and demand is same

Pollution which is side effect of producing or consuming something and which is not taken into account by producers and sellers is called

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externality

wastage

extra cost

opportunity cost

If the price of a product rises, quantity demand if its substitute will.

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Fall

Rise

Remain unchanged

Fluctuate

An entrepreneur is a person who performs the dual function of risk-taking and control. This is the definition of

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Prof. Knight

Prof. Marshall

Prof. Robbins

Prof. Knees

Markets where firms supply goods and services demanded by households are

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factor market

product market

open markets

resource markets

Economics laws

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must be followed

are hated by people

show economic behavior of people

are unscientific

Normal profit is attained where:

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TR = TC

TR >TC

AR > MR

AR < MR

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

Marginal revenue products (MRP) curve falls when units of labour

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Remain constant

Decrease

Increase

None of the three

If elasticity of supply is one, supply curve will be

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horizontal

vertical

passing through origin

touching x-axis

Consists of all kinds of wealth, other than free gifts of nature, which yield income are called

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Capital

Productivity of capital

Both a and b

None of these

Law of diminishing marginal utility provides basis for:

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Law of demand

Law of supply

Laws of returns

Law of variable proportions

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