Question # 1

The part of wealth, other than natural resources, which can be used for further production of wealth are called

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Capital

Revenue

Fundamentals of economics

None of these

The position of the firm when it is earning maximum of profit and Profit = Total Revenue - Total cost are called

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Perfect competition

Under perfect competition

Equilibrium of firm

None of these

We establish ______ conditions for equilibrium

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2

3

4

5

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

TR increase at a constant rate under:

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monopoly

Monopolistic

Perfect competition

Oligopoly

The first law of consumption was presented by.

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Robert Malthus

Loinel Robbins

Alfred Marshall

Pareto

A firm attains sub-normal profit under perfect competition when its:

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AR = P (Price)

AR < P

AC = P

AC < P

An important factor which promotes large scale production is:

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Extant of market

Revolutionary changes in social life

Culture and civilization

All the three

How many kinds of equations?

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4

3

2

5

In production of goods, negative returns in the short run imply that

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average product is negative

total product is negative

marginal product is negative

marginal cost is falling

An economic unit, which is independent to take decisions regarding the production and sale of goods are called

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Firm

Organization

Both a and b

None of these

A producer will employ workers up to the point where its MRP becomes

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ARP

current wage rate

negative

equal to profit

A professor is promoted to be a principle . What type of mobility will it be.

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Vertical mobility

Horizontal mobility

Geographical mobility

None of the three

How many kinds of Function

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2

3

4

5

A decrease in demand causes the equilibrium price to

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rise

fall

remain constant

indeterminate

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

MU curve

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rises left to right

is always vertical

falls left to right

is always horizontal

Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.

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Increase

Falls

Remains the same

None of the three

A firm under perfect competition is

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price maker

price breaker

price taker

price shaker

Wants are unlimited for:

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Poor person

Rich person

All persons

None of them

Internal economies of scale include

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risk-bearing economics

trade mark

managerial economies

a and c of above

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