Question # 1

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

Which one is the assumption of law of demand?

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price of the commodity should not change

quantity demand should not change

income of the consumer should not change

none of the above

This is a tool in economic studies

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market

price

firm

functional relation

Which is the general form of quadratic equation

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x²-x-20 = 0

ax²+bx +c = 0

x²- x -c =0

None of these

Land is

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hirable

not hirable

homogeneous

a form of capital

Which one is the small scale production.

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Bata shoe factory

A barber shop

kohinoor Textile Industries

Sufi soap

TVC

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starts from origin

not from origin

is parallel to x-axis

is parallel to y-axis

Quasi rent is a:

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Short-run phenomenon

Long-run phenomenon

Short and long run phenoomenon

None of the three

In law of diminishing returns at least one factor

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must be constant

must be owned by the firm

must be purchasable

must be efficient

The law of variable proportions was presented by.

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David Ricords

Alfred Marshall

W.J.L. Ryan

Pareto

Basic economic problem is

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inflation

unemployment

scarcity

lack of money

An example of labour is

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gambler

jogger

computer engineer

all of the above

Which one will be termed as supply of a product.

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One tone potato in cold storage

One ton rice offered for sale in market

One ton rice brought for sale in market at a certain price.

None of the three

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

Saqib graduated one month ago. He is still unemployed. His unemployment is

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structural

frictional

seasonal

personal

Land, labour and capital are needed to produce goods. They are collectively called

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elements of production

factors of production

tools of production

cost of production

Which is NOTtrue

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perfect monopoly does not exist in real world

perfect competition does not exist in real world

every monopoly is evil

every firm wants to reduce competition

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

Increasing the minimum wage for workers will

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solve the unemployment problem

result in scarcity of workers

cause substitution of capital for labour

decreases the MP of those workers

With decrease in price of bonds, rate of interest

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decreases

increases

does not change

none of the above

According to Malthus, population increase by

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arithmetic progression

geometric progression

systematic progression

automatic progression

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