Question # 1

This is capital

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money

forests

machinery

trademarks

Total cost = Total variable cost in the.

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Marked period

Short run

Long run

None of the three

Excise tax is a part of

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fixed cost

variable cost

implicit cost

in not a part of cost

Profit is maximum when

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TC and TR curves are parallel

MC and MR curves are parallel

TC and TR curves cross each other

AC and AR curves cross each other

The government constructed a new water reservoir for the purpose of irrigation; this might be taken as

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increase in supply of capital

increase in supply of land

increase in supply of land and supply of capital

increase in natural resources

TC

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starts from origin

not from origin

is parallel to y-axis

parallel to x- axis

Law of diminishing returns applies more in:

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Industry

Agriculture

Mining

Construction

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

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wealth

work

wages

price of product

All the products which are priced in the market are.

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Non economic products

Economic products

Private products

Public products

This is a tool in economic studies

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market

price

firm

functional relation

Normal profit is

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part of total cost

part of economic profit

part of fixed cost

total revenue minus total cost

Pollution which is side effect of producing or consuming something and which is not taken into account by producers and sellers is called

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externality

wastage

extra cost

opportunity cost

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

Economics is a science

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Spiritual

Social

dismal

moral

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

:It is not possible to separate marginal revenue product of each factor of production:. It was said by:

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Carver

Hobson

Hansen

Hicks

If elasticity of supply is one, supply curve will be

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horizontal

vertical

passing through origin

touching x-axis

In monopoly at various output levels

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AR = MR

AR < MR

AR > MR

AR and MR curves are parallel

Cross elasticity of Suzuki and Honda cars will be

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Positive

negative

zero

infinite

Capital formation lakes place when

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people save a part of their incomes

saved amount is invested

investors expect good return

all of the three

Which of the following is NOTa characteristic of perfect competition?

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free entry and exit of the firm

demand curve of a firm is horizontal

marginal revenue curve is horizontal

individual firm can influence the price

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