Question # 1

during short period, diminishing returns may follow because

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quantity of labour is fixed

quality of labour is fixed

quantity of capital is fixed

quantity of any one factor is fixed

This is capital

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money

forests

machinery

trademarks

Given the demand curve, a rise in supply will.

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Increase quantity supplied

Price will fall

Price will rise

Both (a) and (b)

In monopoly and perfect competition the cost curves are

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similar

different

opposite

falling in competition rising in monopoly

The production function relates to

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cost of output

cost of input

output to input

demand to output

Demand and supply forces determine market price

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only in perfect competition

only in monopoly market

in both markets

none of the above

The shape of marginal revenue product (MRP) curve is

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Inverted U

Steeper

Flatter

Positive

A variable is a symbol which, during a discussion, may assume different values or a set of admissible values. This is the definition of

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Prof. Kooros

Prof. Marshall

Prof. Rabbins

Prof. Kneez

The price of an non-economic good is:

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Very low

Very high

Zero

Negative

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

In factor market, which statement is true

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wages are determined by MP

Rent is fixed by landlords

interest rate is determined by Govt.

profit is determined by luck

Economics of scale are of two kinds

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temporary and permanent

internal and external

managerial and industrial

natural and artificial

A consumer's spending is restricted because of

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marginal utility

budget constraint

demand curve

unlimited wants

If the government supplies a product at a price less than the equilibrium price, it will create:

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Shortage

Surlius

Non of the two

Equilibrium quantity

A decrease in demand causes the equilibrium price to

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rise

fall

remain constant

indeterminate

In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then

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price will fall

price remains same

price will rise

quantity rises

Geographical mobility is not possible for

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land

labour

capital

wealth

If demand is inelastic, a change in the price

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will change the quantity in same direction

will change total revenue in same direction

will change total revenue in the opposite direction

will not change quantity

According to Malthus, population increase by

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arithmetic progression

geometric progression

systematic progression

automatic progression

How many types of organization

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5

6

7

8

The method to measure the elasticity of demand by the unitary method was introduced by.

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Alfred Marshall

Robbins

Adam Smith

Malthus

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