Question # 1

One of the following does not represent imperfect competition.

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Day to day market

Monopoly

Duopoly

Monopolistic Competition

Law of demand shows relation between

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income and price of commodity

price and quantity of a commodity

income and quantity demanded

quantity demanded and quantity supplied

How many kinds of data?

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2

3

4

5

The market of cars is.

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International market

Regional market

Local market

Domestic market

Law of diminishing marginal utility provides basis for:

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Law of demand

Law of supply

Laws of returns

Law of variable proportions

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

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

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

One of the following is not an exception the law of demand.

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Very high price products

Very low price products

Ignorance of consumers

Non of the above

An important factor which promotes large scale production is:

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Extant of market

Revolutionary changes in social life

Culture and civilization

All the three

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

The concept of differential rent is given by.

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Marshall

David Ricardo

Hobson

Robbins

A firm decides to shut down production temporarily when

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MC start rising

AC stat rising

price = AC

price falls below AVC

A mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called

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Market

Revenue curve

Contact

None of these

When average product falls marginal product

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Rises

Also falls

Remain equal to average product

Does not change

The wage which is paid in cash is known as.

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Real wage

Nominal wage

Excess wage

Low wage

When marginal revenue is zero, total revenue is

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maximum

minimum

zero

decreasing

One of the following is an example of monopoly.

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Motorways

Pakistan railways

PIA

None of these

One of the following is not land.

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Sui gas

Electric power

Atlantic Ocean`

A river

Common market of SAARC countries will be called:

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International market

National market

Regional market

None of the three

Micro economics concentrates

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on inflation

international economics relations

individual economics units

economics development of Pakistan

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