Question # 1

The supply price of land is considered to be zero because .`

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Its supply is limited

Its supply is infinity

In aggregate sense its cost of production s zero

Its demand is limited

Total cost curve in general is a.

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Linear function

Quadratic function

Cubic function

Long function

The cost which a firm incurs for purchasing or hiring factors is called

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implicit

explicit

real

basic

Under monopoly the price is always equal to:

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AR

MR

MC

AVC

When MU=0, TU is

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minimum

maximum

increasing

decreasing

Three basic economics problems are

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what, how and for whom

why, where and when

what, which and how much

what, which and why

Limited liability is one of the advantages of

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partnership

sole proprietor

joint stock company

cooperative society

the term marginal in economics means

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unimportant

additional

the minimum unit

just barely passing

Members of a public limited company in Pakistan are.

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5 to 50

10 to 100

7 to any number

only 5

The basic economic problem to all societies is

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elimination of scarcity

what how and for whom to produce

equal distribution of wealth

to develop agriculture

Macro economics deals with

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how to buy groceries

aggregate economics activity

establishment of a new firm

industrial activity

Normally MR curve intersects MC curve at points

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1

2

3

4

Marginal revenue products (MRP) curve falls when units of labour

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Remain constant

Decrease

Increase

None of the three

A monopoly generally

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allocates resources in a socially optimal way

encourages greater income equality

encourages greater efficiency

produces less quantity than the quantity which minimies average cost

Assumptions of a law are called:

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Constant

Parameters

Variables

Dependent variable

Profits arise because an entrepreneur

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prepares plan

innovates

lends money

a and b of above

The rent which is paid in the short run due to perfectly inelastic supply of a factor is known as.

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Deffertial rent

Economic rent

Quasi rent

Scarcity rent

When a supply of a commodity increases without change in price it is called

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fall in supply

expansion in supply

contraction in supply in

rise in supply

A public limited company is run by

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board of governors

board of managers

board of advisor's

board of directors

Which of the following is a producer good

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pen

cycle

mobile phone

hammer

The following is NOTa factor of production

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labour

entrepreneurship

land

money

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