Question # 1

Which of the following input factor takes risk, innovates and coordinates

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capital

labour

productivity

entrepreneur

the term marginal in economics means

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unimportant

additional

the minimum unit

just barely passing

General price level and real income of the people are correlated with each other

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Negatively

Positovely

Normally

Sub normally

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

In which form the largest percentage of national income is earned

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interest income

proprietor's income

employees' income

rental income

A statement of how one variable affects other variable is

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a quadrant

a variable

an assumption

a functional relationship

Product differentiation is a pre-condition of:

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Perfect competition

Imperfect compitition

Monopoly

Oligopoly

x = 5 y^-1 this is a.

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Constant function

Explicit function

Inverse function

Decreasing function

Net rent is also called.

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Different rent

Quasi rent

Scarcity rent

Economic rent

When TR of a competitive firm is equal to its TC, the firm attains.

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Normal profit

Super normal profit

Sub-normal profit

Shutdown point

Long run average cost curve is :

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U shaped

L shaped

Dish shaped

None of the 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

Normal price is a price which prevails

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In day to day market

In domestic market

In the long run market

In a foreign market

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

The correlation between average wage (AW) and marginal wage (MW) under perfect competition is .

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AW = MW

AW > MW

AW < MW

None of the three

Members of a public limited company are elected by.

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Directors

Government

Financial institutions

Share holders

When AC curve rises, MC curve remains:

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Above AC

Below AC

Equal AC

Negative

When MP is zero, TP is

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minimum

maximum

rising

falling

A competitive firm is in equilibrium in the long-run where:

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ME = AR = LMC = P

MR = AR = LMC = LAC

MR < AR = LMC <LAC

None of the three

Land as used in economics

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is a free gift of nature

is unlimited in quantity

is not hirable

excludes oceans

All factors of productions are variable in the:

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Marked period

Short period

long period

None of the three

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