Question # 1

Rotten eggs are

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free good

economic good

service

wealth

One of the following is not an exception to the law of diminishing marginal utility .

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Money

Knowledge

Music

Non of them

Long period supply curve is

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relatively flatter

relatively steeper

more elastic

a and c of above

A person who contributes funds in partnership but does not take active part in management of business is called

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sleeping partner

helping partner

temporary partner

inactive partner

Utility is most closely related to the term

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useful

useless

necessary

satisfaction

To show data in tables, we must first

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reduce data

expand data

classify data

all of the above

According to law of equi-marginal utility a consumer will maximises his total utility when

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He spends all his income on the product only

He spends more on one and less on the other

Marginal utility of the two goods are equalised

Not only the marginals utility of the two goods are equalised, but also the marginal utility of each good is equal to its price.

He presented a theory of rent

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Malthus

Allama Iqbal

Ricardo

Marshall

Which is NOT an advantage of division of labour

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workers spend less time moving from job to job

workers becomes dependent on other workers

workers become more efficient at performing repeated task

machinery is more easily introduced to perform simple tasks

______ is a science which is concerned with the collection, presentation, and interpretation of numerical data

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Statistics

Economics analysis

Function

None of these

Marginal product indicates rate of change of

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total product

average product

variable product

all of the above

WAPDA is a

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public corporation

public company

private company

partnership

When price is fixed below equilibrium level, there will be

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surplus commodity in the market

shortage of commodity in the market

supply curve will shift

demand curve will shift

For production of goods we need factors

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few

2

4

unlimited

Ceteris paribus means

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other things equal

all variable are independent

all relationships are inverse

that no other assumptions are made

Total utility is maximised when.

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Marginal utility is zero

Marginal utility falls

Marginal utility rises

Non of the above

Under marginal productivity theory, reward for labour is determined by

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owner

government

labour

marginal product

The correlation between average wage (AW) and marginal wage (MW) under perfect competition is .

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AW = MW

AW > MW

AW < MW

None of the three

All the following are U-shape except

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AVC

AFC

AC

MC

Limited liability is one of the advantages of

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partnership

sole proprietor

joint stock company

cooperative society

Market is an area where :

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Products are sold

Buyers and sellers come in contact with each other

Price flactuates

Price remain constant

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