Question # 1

When diseconomies of scale outweigh economies of scale the

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long run AC curve rises

marginal cost falls

long run ATC curve falls

AVC falls

When total product falls, marginal product is.

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Zero

Positive

Negative

Falling

Q_d = 12 - 2P

Q_s= -4 + 6P in this market model, P and Q are respectively.

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2 & 8

4 & 8

4 & 10

None of the three

Prof. Robins wrote a book in 1931 entitled.

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General Theory of employment. Interest and money.

An inquiry into the nature and causes of wealth of nations.

Principle of economics.

Nature and Significance of economic science.

The three broad types of productive resources are

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money, profit and interest

capital, labour and natural resources

labour, stock shares and deposits

technology, landl and markets

The theory of optimum population was presentd by:

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Cannon

Hicks

Keynes

Malthus

Profits arise because an entrepreneur

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prepares plan

innovates

lends money

a and b of above

Economics laws

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must be followed

are hated by people

show economic behavior of people

are unscientific

According to Prof. Knight risks are of ...... kinds

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2

3

4

many

One of the following is not studied in Micro economics.

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Equilibrium to the firm

Distribution of rewards to factors of productions

Banking system

Market equilibrium

Geographical mobility is not possible for

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land

labour

capital

wealth

Which one of the following is a functional equation of demand:

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Q - 20 + 2P = 0

Q - 3 - 3P = 0

Q + -2P = 0

None of the three

According to Keynes interest is a payment for

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use of durable goods

use of capital

use of money

use of land

When there is big change in quantity supplied resulting from a minor change inits price,its elasticity of supply will be.

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Equal to unity

Less than unity

Equal to zero

Greater than unity

A consumer in equilibrium when marginal utilities are

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minimum

highest

equal

increasing

The supply of labour is based on the trade off between leisure and

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wealth

work

wages

price of product

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

Variable cost of production are also called.

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Fixed cost

Supplementary cost

Total variable cost

Prime cost

When the price of a product falls and as a concequence the demand for the product increase. it will be.

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Rise of demands

Fall of demand

Extension of demand

Contraction on demand

Those who invest in joint stock companies are called

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partners

shareholders

members

associates

A person who contributes funds in partnership but does not take active part in management of business is called

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sleeping partner

helping partner

temporary partner

inactive partner

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