Question # 1

A change in price brings in quantity supplied. it will be.

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Rise in supply

Contraction of supply

Fall in supply

Extension of supply

When average product (AP) and marginal product (MP) are rising.

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AP > MP

AP = MP

AP < MP

AP = MP = 0

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

The concept of quasi rent was given by.

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Ricardo

Adam smith

Alfred Marshall

Robbins

"The reward for a factor is determined by the marginal revenue product of the factor" . it was said by:

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J.M. Keynes

Taussing

Hansen

Carver

Marshall is his definition of economics

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uses the concept of material welfare

dislikes wealth

accuses Adam smith

Praises Robbins

Buyers and sellers under perfect competition are.

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The same in number

Large in number

Small in number

None of the above

If a public limited company issues bonds to increase resources, then it pays

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fixed premium to bond holders

fixed interest to bond holders

fixed tax to bond holders

fixed profit to bond holders

A schedule of the amount of a good that would be offered for sale at all possible prices, at any one instant of time or during any period of time are called

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Supply

Demand

Stock

None of these

One of the following will not cause a rise and fall on demand.

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Change in income

Change in weather

Discovery of a substitute

Distribution of income remaining the same

A mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called

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Market

Revenue curve

Contact

None of these

Fixing of minimum wage

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raises demand for labour

raises profits

causes unemployment

is welcomed by employers

About labour we can say with certainty that it is

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Perishable

Hirable

Reliable

all of the above

In production of goods, negative returns in the short run imply that

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average product is negative

total product is negative

marginal product is negative

marginal cost is falling

The purchasing power of money alongwith the fringe benefits for a labour will detemine his/her:

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Nominal wage

Gross wage

Real wage

Net wage

The demand for a factor is called.

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Composite demand

Joint demand

derived demand

No demand

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

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Remain constant

Decrease

Increase

None of the three

Price and demand are positively correlated in case of

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necessities

comforts

Giffen goods

Luxuries

With a fall in price quantity demand changes in such a way that total expenditure of the consumer remain constant, elasticity of demand will be.

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Equal to unity

Greater than unity

Less than unity

Equal to zero

Choose the correct condition of equilibrium of firm

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MC = MR

MC curve cuts MR curve from below

Both a and b

MC + MR - AR

Variable cost of production are also called.

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Fixed cost

Supplementary cost

Total variable cost

Prime cost

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