Question # 1

Economics of scale are of two kinds

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temporary and permanent

internal and external

managerial and industrial

natural and artificial

The supply of land is fixed whereas its Demand is increase day by day, the rent Produced in this way is:

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Differential rent

Scarcity rent

Quasi rent

Economic rent

Marginal revenue of a monopolist is

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equal to price

greater than price

less than price

increases with output

A firm attains sub-normal profit when:

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AR = AC

AR < AC

AR > AC

TR < TC

The necessary condition for equilibrium of firm is

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AVC = AFC

AR = MR

MC = MR

TVC = TFC

Everyone should study economics is a

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positive statement

normative statement

true statement

nonsense

When MU=0, TU is

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minimum

maximum

increasing

decreasing

When the classify data on the basis of income there will be

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class intervals

class numbers

groups

sections

During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to

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rightward

leftward

downward

no direction

Quasi rent can be obtained if:

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Supply of factor other than land, is temporarily fixed

There is difference in the fertility of land

The government legislate on it

Trade unions protest for it

A firm will be in equilibrium where.

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Its total profit is high

Its cot is minimum

It produces at a level of output which its profit is minimum or loss in minimum

None of the three

This is NOT the result of specialization

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increased production

improvement in quality of product

increase in cost of production

increase in trade

The relationship between two variables that move in the same direction is called

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neutral

positive

independent

dependent

How many types of organization

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5

6

7

8

In case of perfect competition in the market

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marginal revenue curve always slopes upward

marginal revenue curve always slopes downward

marginal revenue is always equal to average revenue

marginal revenue is always less than to average revenue

The difference between iron ore deposits and the steel produced illustrates the difference between

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labour and natural resources

labour and capital

natural resources and capital

natural resources and entrepreneurship

Total cost curve in general is a.

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Linear function

Quadratic function

Cubic function

Long function

Unemployment due to mechanization of agriculture is

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seasonal

structural

industrial

personal

Which of the following is correct with respect to resources

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Money is a capital good

Human skills are a labour input

Entrepreneur is part of the labour input

Natural resources include human input

How many types of markets according to time

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3

4

5

6

Perfectly inelastic supply curve is:

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Parallel to vertical axis

Parallel to horizontal axis

Rises upward to the right

Falls downward to the right

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