Question # 1

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

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high

low

constant

none of the above

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

The maintain social status in life, a person requires.

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Bare necessities of life

Comforts of life

Luxuries of life

All of them

Which laws are implemented with an executive authority .

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Economic laws

Moral laws

State laws

Physical laws

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

In Pakistan rate of labour participation is

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13%

23%

33%

43%

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

Which one is increasing function of price

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demand

utility

supply

consumption

Who was the founder of classical school of thought?

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Adam Smith

Marshall

Keynes

Maithus

The talent of a professor is .

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National wealth

International wealth

Personal wealth

Non of them

In the second stage of the law of variable of proportions the average product:

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Rises

Remains constant

Falls

None of the three

Market equilibrium means a situation where

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Q_s= Q_d

Q_s= Q_p

Q_d= Q_p

Q_q= Q_p

Marginal revenue is always less than price at all levels of output in

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perfect competition

monopoly

both A and B

none of the above

A positive statement

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concerns what is

is always accurate

deals with values and opinions

cannot be tested in the real world

A fall fall in supply will take place due to a:

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Business collusion

Bumper crop

Fall in custom duty

Fall in income

One of the following will not be the income of a person.

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Wages

Profit

Sccholarship

Salary

It is an example of public limited company

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WAPDA

President House

SHELL petroleum

none of the above

Economics

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is more important than mathematics

is a social science

should be made compulsory for every student

is difficult to study

A producer will employ workers up to the point where its MRP becomes

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ARP

current wage rate

negative

equal to profit

A professor is promoted to be a principle . What type of mobility will it be.

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Vertical mobility

Horizontal mobility

Geographical mobility

None of the three

The supply of perishable goods is.

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Elastic

Inelastic

Perfectly elastic

None of the above

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