Question # 1

If a firm makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is

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0.05

10

20

indeterminate

The law of variable proportions was presented by.

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Jevens

Rayon

Hicks

Valentine

When average product falls marginal product

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Rises

Also falls

Remain equal to average product

Does not change

Basic economic problem is

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inflation

unemployment

scarcity

lack of money

Stock exchange is market where we can buy:

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Shares

Foreign exchange

Factors of production

Consumer goods

Profits

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are lower in the long run than in the short run

can be negative

are less in perfect competition than in monopoly

all of the above

One of the following is not an exception the law of demand.

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Very high price products

Very low price products

Ignorance of consumers

Non of the above

MC is given by slope of

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TFC

TC

ATC

AVC

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

If a firm shuts down temporarily, it will incur loss equal to

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AFC

AVC

TFC

TVC

The theory of optimum population was presentd by:

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Cannon

Hicks

Keynes

Malthus

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

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

If the price of a product rises, quantity demand if its substitute will.

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Fall

Rise

Remain unchanged

Fluctuate

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

Marginal product curve intersects average product curve when AP curve is

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minimum

maximum

rising

falling

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

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wealth

work

wages

price of product

With an increase in wage rate supply of labour.

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Decrease

Increase

Remains constant

None of the three

When MP curve cuts AP curve, the AP is at its.

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Lowest point

Highest point

Neither of the two

Eighter of the two

Long-run price of a durable good is always less than its short run price . it is because.

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Long -run supply is more elastic than short-run supply curve.

Long -run supply is less elastic than short-run supply curve.

Long and short-run supply curves are equally elastic

None of the three

Excise tax is a part of

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fixed cost

variable cost

implicit cost

in not a part of cost

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