Question # 1

Which is NOT an advantage of division of labour

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workers spend less time moving from job to job

workers becomes dependent on other workers

workers become more efficient at performing repeated task

machinery is more easily introduced to perform simple tasks

The slopes of average and marginal products curves are always zero under:

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Law of increasing returns

Law of diminishing returns

Law of constant returns

Law of variable propoitions

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 monopolist is always interested and obtains.

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Normal profit

Subnormal profit

Continues production even at loss

Super normal profit

According to Ricardo rents are high because prices of produce of land are

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high

low

constant

none of the above

One of the following can be registered in a stock exchange.

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Business under partnership

Cooperative society

Join stock company

Sole proprietorship

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

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Remain constant

Decrease

Increase

None of the three

Economics is a science which studies.

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Distribution of income

Optimum use of scarce resources.

Production of wealth only

Exchange of wealth only

Who is unemployed

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housewife

college student

a peer who lives on gifts from mureeds

a freshly graduated engineer who is searching for a job

With an increase in wage rate supply of labour.

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Decrease

Increase

Remains constant

None of the three

Land means

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sea

surface of earth

natural forests

all natural resources

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

Law of equi marginal utility provides basis for.

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Equal distribution of wealth

Economy in taxation

Law of diminishing returns

Law of constant returns

The law demand will not be valid in case of.

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Very high price products

Normal goods

Price effect

Income effects

Who present the Arc Elasticity formula for the measurement of elasticity of demand.

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R.G.D Allen

Pareto

J.R. Hicks

Robbins

If a consumer moves upward along an indifference curve, his total utility

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falls to zero

does not change

increases

decreases

Saqib graduated one month ago. He is still unemployed. His unemployment is

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structural

frictional

seasonal

personal

Marshall is his definition of economics

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uses the concept of material welfare

dislikes wealth

accuses Adam smith

Praises Robbins

An example of natural resource is

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factory

skilled doctor

oil reserves in the ground

oil reserves in storage tank

Social stagnation is a big obstacle to.

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Mobility of labour

Division OF labour

Efficiency o labour

All the above

He put forward the theory of profit

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Keynes

Adam Smith

Knight

Anyson

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