Question # 1

The law of demand will not be apply in case of

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Inferior goods

Superior goods

Normal goods

Non of them

In the second stage of the law of variable of proportions the average product:

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Rises

Remains constant

Falls

None of the three

A product which has value price in the market has.

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Utility

Scarcity

Transferability

All the three

Given the supply curve, a fall in demand will.

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Increase equilibrium quantity of the product

Decrease equilibrium quantity of the product

Not affect equilibrium quantity

Not affect equilibrium price

A firm decides to shut down production temporarily when

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MC start rising

AC stat rising

price = AC

price falls below AVC

How many types of markets according to time

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3

4

5

6

Which of the following is one of the assumptions of perfect competition.

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few buyers and few sellers

many buyers and few sellers

many buyers and many sellers

all sellers and buyers are honest

The word "LIMITED" at the end of a firm's name means

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it produces only commodity

has limited capital

cannot have more than 100 members

shareholders liability to pay debt of firm cannot exceed value of their investment

All non materials products which can satisfy human wants are called.

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Economic goods

Services

Non-economics goods

Services

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

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.

Labour input includes

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inventor

innovator

unskilled worker

all of the above

When MR = MC , a firm.

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Does not attain a equilibrium position

Suffers from loss

Attains its equilibrium position

Attains profit

How many merits of organization in text book

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7

8

9

10

This is capital

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money

forests

machinery

trademarks

The concept of quasi rent was given by.

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Ricardo

Adam smith

Alfred Marshall

Robbins

Quasi rent can be obtained if:

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Supply of factor other than land, is temporarily fixed

There is difference in the fertility of land

The government legislate on it

Trade unions protest for it

When marginal revenue is zero, total revenue is

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maximum

minimum

zero

decreasing

Unit cost is another name for

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MC

AVC

ATC

AFC

Gross profit does NOT include

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rent of his own land

interest of his own capital

pure profit

taxes

One of the following NOT a assumption of the marginal productivity theory

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units of factor are homogeneous

mobility of factor

low price of factor

perfect competition

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