Question # 1

Estimate of Pakistan's population for 2013 is

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185 million

285 million

385 million

485 million

q = 4 + 2P it is a functional equation of.

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Demand

Supply

Equilibrium of demand as supply

None of the three

A group of buyers and sellers that exchange a goods or services at a price are called

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Market

Commodity

Place

None of these

The maximum number of parteners in a partnership is .

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20

30

15

18

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.

Demands and supply curves cross at

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always at 60 degree

at 90 degree

at equal angle

at any angle

Marshall wrote the book

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Introduction to economics

Principles of economics

Classical economics

Micro economics theory

The sacrifice of an alternative use of resources to produce something is called its

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real cost

opportunity cost

sacrifice cost

alternative cost

The number of goods and services which one unit of a product can command in exchange for it is its.

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Value of money

Value in exchange

Price

Utility

If the price of a product rises, quantity demand if its substitute will.

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Fall

Rise

Remain unchanged

Fluctuate

Marginal revenue is always less than price at all levels of output in

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perfect competition

monopoly

both A and B

none of the above

Normal price is a price which prevails

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In day to day market

In domestic market

In the long run market

In a foreign market

According to Keynes interest is a payment for

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use of durable goods

use of capital

use of money

use of land

the term marginal in economics means

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unimportant

additional

the minimum unit

just barely passing

Total cost = Total variable cost in the.

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Marked period

Short run

Long run

None of the three

Scarcity of goods means

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non availability of goods

high price of goods

People don't want to get such goods

the good is available but it is not free

It is an example of public limited company

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WAPDA

President House

SHELL petroleum

none of the above

Profits

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are lower in the long run than in the short run

can be negative

are less in perfect competition than in monopoly

all of the above

The utility of durable consumer goods.

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Diminishes with the passage of time

Perishes, if not used

Can be obtained constantly

None of the three

If Bali burgers find that their MC of burgers is less than MR they would try to

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expand business

reduce business

continue as before

close business

Which of the following is a producer good

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pen

cycle

mobile phone

hammer

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