Question # 1

It describes the law of supply

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supply curve

supply schedule

supply equation

all the three

Adam smith was a

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President of France

a modern economist

good sports man

classical economist

The shape of rectangular hyperbola is made by

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MC

AFC

AVC

TFC

Which one is the assumption of law of demand?

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price of the commodity should not change

quantity demand should not change

income of the consumer should not change

none of the above

The correlation between average wage (AW) and marginal wage (MW) under perfect competition is .

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AW = MW

AW > MW

AW < MW

None of the three

Money wages are also called

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Nominal Wages

Real wages

Gross wages

Net wages

Which is NOT a cause of shift in cost curves of a frim

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excise tax

prices of inputs

increase in productivity

price of product

Wit rapid economic growth in a country the individual demand curve will:

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Rise

Fall

Extend

Contract

The supply curve of day to day market is.

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Touching the horizontal axis

Touching the vertical axis

Perfactly elastic

Perfactly inelastic

The demand curve is negatively sloped due to

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Income effect

Substitution effect

Price effect

All the three

Which is the general form of quadratic equation

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x²-x-20 = 0

ax²+bx +c = 0

x²- x -c =0

None of these

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

The supply of perishable goods is.

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Elastic

Inelastic

Perfectly elastic

None of the above

Risks in the business arise because of

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introduction of the new products

uncertain policy of rival firms

changes in tastes

all the above

When price is fixed below equilibrium level, there will be

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surplus commodity in the market

shortage of commodity in the market

supply curve will shift

demand curve will shift

If marginal product of labour rises because of new technology

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wages will rise

wages will fall

wages will be unaffected

may raise or fall

Intensive cultivation means.

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Extending land for cultivation

Use of more input at the same land

More input and more land to be used`

More land and less labour to be used

A monopoly firm is in equilibrium when

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MC intersects AC

MC intersect MR

AC intersects AR

TC intersects TR

As output increase, one of the following costs will also increase:

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Marginal cost

Average cost

Variable cost

Fixed cost

Constant are represented by symbol

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C

V

P

U

Variable cost of production are also called.

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Fixed cost

Supplementary cost

Total variable cost

Prime cost

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