Question # 1

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

Extent of market mainly depends upon.

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Availability of means of transport and communication

Nature of supply

Government restriction

Perishable goods

Who introduced indifference curves to explain consumer's beghavior

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J.R Hicks

Marshall

Robbins

Adam Smith

Economic development of a country requires

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skilled lobour

diplomacy

abundant natural resources

a and c of aboce

He cannot be unemployed

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policeman

beggar

mikman

bank officer

Marginal land or no rent land is the land which:

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Covers the cost of productions only

Determines rent of the superiorlands

Both a & b

None of the three

Marshall is his definition of economics

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uses the concept of material welfare

dislikes wealth

accuses Adam smith

Praises Robbins

When AC curve rises, MC curve remains:

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Above AC

Below AC

Equal AC

Negative

Constant are represented by symbol

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C

V

P

U

Economics is a science

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Spiritual

Social

dismal

moral

If in a production process, all inputs are increased by 10% and output increase by less than 10%, then it is called

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economies of scale

diseconomies of scale

diminishing marginal returns

negative economies

TC

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rises continuously

falls then rises

is horizontal to x-axis

is parallel to y-axis

Long rum is a period

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three years or longer

long enough to allow firms to change plant size and capacity

in which a firm need not get loans

which affects larger more than smaller firms

To promote capital investment in a country, what is essentially required is.

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Basic infrastructure

Bank credit

Law and ordered

Stock broker

Which type of problems are brought under discussion in micro economics .

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Consumer's behaviour

International trade

Balance of payment

Public finance

TC

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starts from origin

not from origin

is parallel to y-axis

parallel to x- axis

Which one is increasing function of price

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demand

utility

supply

consumption

It describes the law of supply

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supply curve

supply schedule

supply equation

all the three

Markets where firms supply goods and services demanded by households are

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factor market

product market

open markets

resource markets

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

Which one is the small scale production.

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Bata shoe factory

A barber shop

kohinoor Textile Industries

Sufi soap

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