Question # 1

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

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structural

frictional

seasonal

personal

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

Who was the founder of classical school of thought?

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Adam Smith

Marshall

Keynes

Maithus

Demand is a function of

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price

quantity

supply

none

A contour line which slopes downward from left to right and yield equal level of satisfaction to consumer with the given income is.

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Negatively slop curve

An indifference curve

Positively sloped Curve

None of the above

Members of a public limited company are elected by.

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Directors

Government

Financial institutions

Share holders

How many various form of partnership

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3

4

5

6

Who said that "Economics is a science of human welfare"

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Adam Smith

Carlyle and Ruskin

Alfred Marshall

Malthus

If price and total revenue move in the same direction, then demand is

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inelastic

elastic

unrelated

perfectly elastic

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

The shape of rectangular hyperbola is made by

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MC

AFC

AVC

TFC

The concept of internal and external economics was given by.

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Adam Smith

Robbins

J.M.Keynes

Alfred Marshall

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

normative economics

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deals solely with the facts

is never studied in colleges

involves opinions and interpretations

is clearly preferable to positive economics

According to law of equi-marginal utility a consumer will maximises his total utility when

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He spends all his income on the product only

He spends more on one and less on the other

Marginal utility of the two goods are equalised

Not only the marginals utility of the two goods are equalised, but also the marginal utility of each good is equal to its price.

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

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

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Remain constant

Decrease

Increase

None of the three

If quantity demanded is completely unresponsive to changes in price, demand is

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inelastic

unit elastic

elastic

perfectly inelastic

Market equilibrium means

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number of buyers and sellers are equal

demand and supply of commodity are equal

no price is changing

prices rise very slowly

If demand is inelastic, a change in the price

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will change the quantity in same direction

will change total revenue in same direction

will change total revenue in the opposite direction

will not change quantity

Specialization of labour has the advantage.

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increased production

introduction of new technology

increases in self-sufficiency

a and b of above

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