Question # 1

x² - y² = 10 This function can be termed as .

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Expicit function

Implicit function

Linear function

Constant function

Economics laws

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must be followed

are hated by people

show economic behavior of people

are unscientific

Given the demand curve, a rise in supply will.

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Increase quantity supplied

Price will fall

Price will rise

Both (a) and (b)

Labour force participation rate is the

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proportion of population that is working

proportion of population aged above 20

proportion of skilled workers

proportion of female workers to male workers

How many types of markets according to time

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3

4

5

6

The law of increasing returns is also known as:

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Law of increasing cost

Law of diminishing cost

Law of constant cost

None of the three

Economies of scale

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occur when increase in input less than proportionate increase in output

suggest that firm's marginal cost curve lies above its average cost curve

suggest that the firm's marginal cost curve is declining

occur when average cost is 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

The law of demand will not be apply in case of

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Inferior goods

Superior goods

Normal goods

Non of them

Union leaders are in better position bargain for higher wages if demand for labour is

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elastic

inelastic

very large

permanent

If a change in demand is brought by a change in income, of demand will be.

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Income elasticity

Price elasticity

Cross elasticity

Arcelasticity

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

Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is

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a shortage

a surplus

excess supply

loss

Which of the following is capital

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toy of a child

plough of the farmer

calculator of the student

novel book in the library

Supply curve will shift when

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price falls

price rises

demand shifts

technology changes

For an individual farmer, rent paid by him

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is part of cost and affects price of his product

does not enter into price of his product

is unjustified

cannot be determined

Demand and supply forces determine market price

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only in perfect competition

only in monopoly market

in both markets

none of the above

One of the following is not assumption of the marginal productivity theory.

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All factors of production are present substitutes of each other.

Law of increasing return applies in the production process.

There is perfect mobility of factor of production

Units of each factors of production are identical

A firm attains equilibrium under monopoly if:

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MC curve intersect MR curve from below. MC = AC = MR

MC curve intersects MR from above

Any one of the above situations

AR = MR

One of the following will not be an assumption of the law of diminishing marginal utility.

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Nature of the product should not changed

Mental condition of the consumer

Income of the consumer should not changed

None of the three

In case of a fall in supply.

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Quantity supplied falls at the same price.

Quantity supplied rises at the same price.

Quantity supplied remain at the lower price.

None of the three

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