Question # 1

Which of the following is NOT capital as economists use the term

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an office building

machinery in a factory

an industrial robot

money

Perfect competition is a situation of market, where there are very large number of firms selling the same commodity are called

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Revenue curve under perfect competition

Monopoly curve

Total revenue curve

None of these

The minimum wage is an example of

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price floor

price ceiling

equilibrium wage

efficiency of labour

Micro economics concentrates

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on inflation

international economics relations

individual economics units

economics development of Pakistan

Mobility of labour

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increases efficiency of labour

decreases wages of labour

increases division of labour

a and c of above

Variable cost of production are also called.

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Fixed cost

Supplementary cost

Total variable cost

Prime cost

Which is true

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labour produces land

land produces labour

labour produces capital

capital produces labour

The supply price of land is considered to be zero because .`

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Its supply is limited

Its supply is infinity

In aggregate sense its cost of production s zero

Its demand is limited

The set of skills and abilities that workers possess for production of goods and serves is

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motivation

wealth

human capital

natural talent

He cannot be unemployed

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policeman

beggar

mikman

bank officer

Adam smith was a

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President of France

a modern economist

good sports man

classical economist

Haris has a special taste for chicken rolls of college canteen. The owner of the canteen doubles the price of chicken roll. Haris did not respond to the increase in prices and kept on demanding the same quantity of chicken roll. His demand for chicken roll is

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perfectly elastic

perfectly inelastic

elastic

less elastic

Why should employ units of a factor to a point where

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MP is negative

MP is equal to price of the factor

MP is positive

MP is rising

A bridge will be a

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Private good

Capital goods

Consumer good

Personal good

What best explains a shift in market supply curve to the right?

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an advertising campaign is successful in promoting the good

a new technique makes it cheaper to produce the good

the government introduces a tax on the good

the price of raw materials increases

Labour force participation rate is the

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proportion of population that is working

proportion of population aged above 20

proportion of skilled workers

proportion of female workers to male workers

In short period how many possibilities in which a firm may find itself

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four

five

six

seven

When demand is perfectly elastic, an increase in supply will result in

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decrease in quantity sold

increase in quantity sold

fall in price

b and c above

Buyers and sellers under perfect competition are.

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The same in number

Large in number

Small in number

None of the above

Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is

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a shortage

a surplus

excess supply

loss

A fall fall in supply will take place due to a:

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Business collusion

Bumper crop

Fall in custom duty

Fall in income

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