Question # 1

Which of the following is a demand function?

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Q + 4P = 20

Q = 35 + 3P

Q - 2P - 15 =0

5P - Q = 4

Estimate of Pakistan's population for 2013 is

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185 million

285 million

385 million

485 million

If a consumer moves upward along an indifference curve, his total utility

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falls to zero

does not change

increases

decreases

The law of demand will not be apply in case of

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Inferior goods

Superior goods

Normal goods

Non of them

The following are causes of shift in demand EXCEPT the one

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change in income

change in price

change in fashion

change in prices of substitutes

Wealth of nations

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is another name for united nations

is name of a book

indicates total wealth of rich countries

contains formulas to earn wealth

One of the following is not assumption of the marginal productivity theory.

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All factors of production are present substitutes of each other.

Law of increasing return applies in the production process.

There is perfect mobility of factor of production

Units of each factors of production are identical

Land means nature resources which are available.

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On the soil

Above the soil

Below the soil

All the above

One or more persons living together and having a common budget is called

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union

organisation

household

house members

Mobility of labour can be promoted by.

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Health

Better rewards

Immigration

Information media

These are kinds of capital EXCEPT

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fixed capital

expensive capital

working capital

real capital

Economic principle are also called

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economic law

economic theory

economic model

all of the above

The supply of labour is based on the trade off between leisure and

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wealth

work

wages

price of product

Other things equal, if a good has more substitutes, its price elasticty of demand is

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larger

smaller

zero

unity

The shape of marginal revenue product (MRP) curve is

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Inverted U

Steeper

Flatter

Positive

The concept of quasi rent was given by.

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Ricardo

Adam smith

Alfred Marshall

Robbins

if X and Y scales are the same a line making 45-degree angle with X-axis has slope

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1/4

1/2

1

constant

Joint stock company is manged and run by a

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Board of Directors

Shareholders

Accountant

None of these

Normally MR curve intersects MC curve at points

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1

2

3

4

Supply curve will shift when

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price falls

price rises

demand shifts

technology changes

Which one is not determinant of demand

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tastes

income

method of production

price

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