Question # 1

Reward of which factor of production is not pre-determined?

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labour

land

capital

organisation

Long-run price of a durable good is always less than its short run price . it is because.

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Long -run supply is more elastic than short-run supply curve.

Long -run supply is less elastic than short-run supply curve.

Long and short-run supply curves are equally elastic

None of the three

An increases in demand would cause supply curve to

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shift to the left

shift to the right

change in slope of supply curve

no effect on supply

It is function of capital

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provision of machinery

payment of wages

establish good relation with employees

a and b of above

Under monopoly the price is always equal to:

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AR

MR

MC

AVC

When the price of a product falls and as a concequence the demand for the product increase. it will be.

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Rise of demands

Fall of demand

Extension of demand

Contraction on demand

Which of the following is NOT an input

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labour

entrepreneurship

natural resources

production

The set of skills and abilities that workers possess for production of goods and serves is

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motivation

wealth

human capital

natural talent

One of the following is not studied in Micro economics.

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Equilibrium to the firm

Distribution of rewards to factors of productions

Banking system

Market equilibrium

The first law of consumption was presented by.

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Robert Malthus

Loinel Robbins

Alfred Marshall

Pareto

Which of the following shifts supply curve of cars to the right

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tax on new cars

increase in wages of workers

decrease in steel price

a successful promotion campaign by sellers

Marginal product curve intersects average product curve when AP curve is

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minimum

maximum

rising

falling

Normal profit is called normal because

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it is neither very high nor very low

it is minimum acceptable to the producer

it is minimum which buyer wants to pay

it is maximum allowed by govt.

Marshall is his definition of economics

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uses the concept of material welfare

dislikes wealth

accuses Adam smith

Praises Robbins

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

Which one is the small scale production.

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Bata shoe factory

A barber shop

kohinoor Textile Industries

Sufi soap

Increasing the minimum wage for workers will

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solve the unemployment problem

result in scarcity of workers

cause substitution of capital for labour

decreases the MP of those workers

The demand of a will expand when:

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Other things do not remain constant.

Price of the products changes.

Value of money falls.

None of the three

All the products which are priced in the market are.

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Non economic products

Economic products

Private products

Public products

Utility and usefulness are

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equal

different

opposite

unrelated

WAPDA is a

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public corporation

public company

private company

partnership

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