Question # 1

Excise tax is a part of

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fixed cost

variable cost

implicit cost

in not a part of cost

With an increase in wage rate supply of labour.

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Decrease

Increase

Remains constant

None of the three

Economics problems arise because of

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greed

scarcity

dishonesty

laziness

Law of Equi marginal utlility is a low of

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production of wealth

consumption of wealth

distribution of wealth

exchange of wealth

Father of the political economy

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Adam smith

Malthus

Marshall

Samuelson

Which one will be termed as supply of a product.

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One tone potato in cold storage

One ton rice offered for sale in market

One ton rice brought for sale in market at a certain price.

None of the three

Choose the correct establish condition for equilibrium

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MR = MC

MC intersects MR curve from below

MC + MR

Both a and b

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

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supply and demand both increase equally

supply and demand both decrease equally

supply decreases and demand increases

supply increases and demand decreases

According to Alfred Marshall, Economics should be taken as:

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Positive economics

Normative economics

Welfare economics

Applied economics

Risks in the business arise because of

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introduction of the new products

uncertain policy of rival firms

changes in tastes

all the above

According to Keynes interest is a payment for

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use of durable goods

use of capital

use of money

use of land

When labourers do not get jobs according to their qualification it will be :

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Unemployment

Under employment

Disguised unemployment

None of the three

The demand curve slopes downward from left to right because of:

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Income effect

Substitution effect

Entry of new buyers

All of the above

If the supply of land is assumed to be perfectly inelastic which of the following rent will it yield.

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Scarcity rent

Differential rent

Quasi rent

Scarcity rent

How many kinds of data?

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2

3

4

5

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

Constant are represented by symbol

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C

V

P

U

To say that two goods are unrelated, their cross price elasticity of demand should be

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less than 0

greater than 0

equal to 0

1

Micro economics concentrates

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on inflation

international economics relations

individual economics units

economics development of Pakistan

Profits

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are necessary

are unnecessary

can never be negative

are illegal

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

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structural

frictional

seasonal

personal

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