Question # 1

In the long-run a firm attains under monopoly;

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Normal profit

Super normal profit

Sub-normal profit

Any on of the above

A firm should shut down in the short run if it is not covering its

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variable cost

fixed cost

total cost

explicit cost

The first law of consumption was presented by.

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Robert Malthus

Loinel Robbins

Alfred Marshall

Pareto

The good which are used to produce more goods are.``

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Social goods

Capital goods

Consumer goods

Public goods

A change in price brings in quantity supplied. it will be.

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Rise in supply

Contraction of supply

Fall in supply

Extension of supply

Adam smith was a

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President of France

a modern economist

good sports man

classical economist

Choose the correct condition of equilibrium of firm

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MC = MR

MC curve cuts MR curve from below

Both a and b

MC + MR - AR

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

The following affect rent EXCEPT

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better location

fertility of land

cleverness of landlords

scarcity of land

Which is true

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capital depreciates

capital is primary factor of production

capital in not hireable

human capital is real capital

Total fixed cost curve is .

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Parallel to the vertical axis

Parallel to the horizontal axis

Sloping downward to the right

Sloping upward to the right

What best explains a shift in market supply curve to the right?

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an advertising campaign is successful in promoting the good

a new technique makes it cheaper to produce the good

the government introduces a tax on the good

the price of raw materials increases

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

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

Ceteris paribus means

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other things equal

all variable are independent

all relationships are inverse

that no other assumptions are made

Wealth of Nations was written by

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Adam Smith

Malthus

Marshall

Newton

When total product falls, marginal product is.

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Zero

Positive

Negative

Falling

This is the assumption of law of demand

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price of the commodity should not change

Quantity demanded should not change

Price of substitutes should not change

Demand curve must be linear

A joint stock company has

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limited liability

unlimited liability

limited capital

unlimited capital

Which of the following saying describes diminishing marginal returns in the short run?

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When the cat is away, the mouse will play

Too many cooks spoil the broth

A rolling stone gathers no moss

A stitch in time saves nine

An example of labour is

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gambler

jogger

computer engineer

all of the above

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