Question # 1

The method to measure the elasticity of demand by the unitary method was introduced by.

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Alfred Marshall

Robbins

Adam Smith

Malthus

He put forward the theory of profit

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Keynes

Adam Smith

Knight

Anyson

Habib Bank limited means that.

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Its capital is limited

It shareholders are limited

The liability of each shareholders is limited

Non of the three

They can expand their business by selling shares in the stock market

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proprietor of a business

partners of the business

joint stock company

industrial cooperative societies

Land, labour and capital are needed to produce goods. They are collectively called

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elements of production

factors of production

tools of production

cost of production

Efficiency of land can be promoted by.

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Means of communication

Fertility of land

Climate condition

Quality of other factors

Every factor of production gets reward equal to

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value of average product

value of marginal product

value of total product

total revenue

Economic profit is

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part of total cost

total revenue minus total cost

total revenue minus variable cost

total variable cost minus total fixed cost

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

In short period how many possibilities in which a firm may find itself

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four

five

six

seven

The product which have close substitute their demand is always.

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More elastic

Perfectly elastic

Perfectly inelastic

Less elastic

The demand curve slopes downward from left to right because of:

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Income effect

Substitution effect

Entry of new buyers

All of the above

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 main object of trade unions is to:

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Strength the bargaining position of labour

Get jobs for the employed persons

Get recreational facilities

Get free meals

One of the following is not a characteristics of economic laws.

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Economic laws lack exactitude

Economic laws lack predictability

They are not universa!

They are not optional

Only those goods are priced in the market which have:

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Utility

Sacrcity

Transferability

All of the above

Quasi rent is a:

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Short-run phenomenon

Long-run phenomenon

Short and long run phenoomenon

None of the three

x = f (y).

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x is a dependent variable.

y is a dependent variables

x and y are dependents variables.

None of the three

The goods used to produce income or wealth are.,

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Consumer goods

Manufactured goods

Merit goods

Capital goods

Every factor of production gets reward equal to its

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cost

marginal product

price

increasing return

According to Keynes interest is a payment for

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consumer's preference

producer's preference

liquidity preference

state bank's preference

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