Question # 1

Price determined in case of a perishable good will be.

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Normal price

Market price

Short run price

Long run price

Which of the following is NOT capital as economists use the term

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an office building

machinery in a factory

an industrial robot

money

Law of demand shows relation between

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income and price of commodity

price and quantity of a commodity

income and quantity demanded

quantity demanded and quantity supplied

Economics

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is more important than mathematics

is a social science

should be made compulsory for every student

is difficult to study

Only those goods are priced in the market which have:

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Utility

Sacrcity

Transferability

All of the above

A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called.

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Supply of output

Production

Buffer stock

Stock

Profit is maximum when

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distance between TR and TC is maximum

distance between AR and AC is maximum

distance between MR and MC is maximum

distance between MR and AR is maximum

MRP curve of a factor represents the.

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Supply curve of the factor

Demand curve of the factor

Either demand or supply curve of the factor

None of the three

Fixing of minimum wage

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raises demand for labour

raises profits

causes unemployment

is welcomed by employers

Malaysia enjoys monopoly on rubber, but which kind of monopoluit is.

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Natural monopoly

Social monopoly

Legal monopoly

Implied monopoly

The price and sales of sugar both increase. What could be the cause of this?

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a decrease in the income of the consumers.

a decrease in the tax on sugar

An increase in the wages of workers in the sugar industry

An increase in the price of sugar substitutes

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

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wealth

work

wages

price of product

He said interest is payment for use of money

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Adam Smith

Ricardo

Keynes

Marshall

Extent of market mainly depends upon.

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Availability of means of transport and communication

Nature of supply

Government restriction

Perishable goods

Production of wealth means:

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Driving a taxi

Teaching a daughter

A doctor serving his wife

All the three

The capital which loses it from whenever it is used, is

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Circulating capital

Fixed capital

Money capital

Real capital

The following is NOTa factor of production

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labour

entrepreneurship

land

money

Economics laws are:

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Statements of tendencies in economic behaviour

Unrealistic to deal with real economic problems.

Absolute and certain like the laws of physical science

Used to forecast the growth rate of an economy.

If a consumer moves upward along an indifference curve, his total utility

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falls to zero

does not change

increases

decreases

The kind of market is undesirable

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general market

specialized market

local market

monopoly market

Rice mill is a :

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Fixed capital

Floating capital

Sunk capital

None of the three

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