Question # 1

Gov. of Pakistan introduced labour policy for the first time in.

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1955

1950

1948

1959

When demand is perfectly elastic, an increase in supply will result in

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decrease in quantity sold

increase in quantity sold

fall in price

b and c above

The reward of their services cannot be fixed

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wage earner

rent receiver

interest receiver

profit earner

Price of a product is determined in a free market

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by demand for the product

by supply of the product

by both demand and supply

by the government

Every factor of production gets reward equal to its

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cost

marginal product

price

increasing return

Economics laws are

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exact

approximate

brief

definite

When cross elasticity of demand for A and B is positive number, one can conclude that

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the goods are cheaper

the goods are inferior

the goods are substitutes

the goods are complements

A monopoly firm is in equilibrium when

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MC intersects AC

MC intersect MR

AC intersects AR

TC intersects TR

The concept of quasi rent was given by.

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Ricardo

Adam smith

Alfred Marshall

Robbins

Short run cost curves are.

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v-shaped

Dish-shaped

U-shaped

L-shaped

An increases in the price of mutton provides information which

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tells consumers to buy more mutton

tells consumers to buy more chicken

tells producers to produce more mutton

b and c of above

MRP curve of a factor represents the.

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Supply curve of the factor

Demand curve of the factor

Either demand or supply curve of the factor

None of the three

In May 2012, firm was supplying 1000 kg of sugar at market price of Rs. 60/- per kg. During June 2012, firm's supply of sugar had decreased to 900 kg at price Rs. 40/- per kg. These changes show that supply of sugar is

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Perfectly elastic

Perfectly inelastic

Less elastic

More elastic

With a fall in the price of a Giffen good or inferior good its quantity demand will.

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Fall

Rise

Remain unchanged

None of three

In economics, assumptions

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make economics theory useless

mean other things equal

enable economics to simplify reality

used in micro and not in macroeconomics

The theory of optimum population was presentd by:

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Cannon

Hicks

Keynes

Malthus

Power of a product which can satisfy human want is.

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Utility

Total utility

Average utility

Marginal utility

A labourer resigns from service to start his own business. what type of mobility will it be.

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Vertical mobilty

Occupational mobility

Horizontal mobility

Social mobility

A product which has value price in the market has.

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Utility

Scarcity

Transferability

All 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

During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to

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rightward

leftward

downward

no direction

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