Question # 1

In Pakistan rate of labour participation is

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13%

23%

33%

43%

To the economist, investment refers to

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sale of real estate

creation of new capital

purchase of a prize bond

decrease in inventories

Scarcity exists

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in only poor countries

in a country that uses resources inefficiently

in all countries of the world

when society produces unimportant goods

All the following are U-shape except

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AVC

AFC

AC

MC

Price determined in case of a perishable good will be.

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Normal price

Market price

Short run price

Long run price

A decrease in demand causes the equilibrium price to

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rise

fall

remain constant

indeterminate

Underemployment of labour means

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a worker does not get full time job

a worker is not happy with present job

a person does not get job according to his qualification

a and c of above

A ______ is something which is measurable and can take on different values

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Variable

Constant

Both a and b

None of these

To promote capital investment in a country, what is essentially required is.

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Basic infrastructure

Bank credit

Law and ordered

Stock broker

Trade Unions in Pakistan are unable to get an increase in wage rates because of :

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Minimum wage law

Low labour efficiency

Capital intensive projects

Lack of Natural resources

According to law of diminishing marginal utilities , a consumer maximises his total utility where.

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MU_a = MP_a

MU_a = AU_a

MU_a = TC_a

MU_a = P_a

How many types of markets according to time

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3

4

5

6

Total cost = Total variable cost in the.

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Marked period

Short run

Long run

None of the three

The concept of internal and external economics was given by.

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Adam Smith

Robbins

J.M.Keynes

Alfred Marshall

The products which are not priced in the market are called .

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Economic goods

Non-economic goods

Merit goods

Social goods

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

Lowest point on the average cost curve in the long-run represents;

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Optimum factors combination

Maximum level of output

Maximum level of total revenue

None of the three

Marginal revenue recommended by symbol

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MR

MC

AR

None of these

Which of the following is example of external economies of scale?

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Discount on purchases of raw materials

Technical progress leads to development of machines at low price

Hiring of specialized staff due to increase in scale of production

A firm starts producing by products

One of the following is gift of a nature .

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Land

Labour

Capital

Organization

When MU is positive, TU

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increases

decreases

remains constant

is maximum

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