Question # 1

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

The supply curve of day to day market is.

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Touching the horizontal axis

Touching the vertical axis

Perfactly elastic

Perfactly inelastic

Buyers and sellers under perfect competition are.

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The same in number

Large in number

Small in number

None of the above

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

Marginal revenue is always less than price at all levels of output in

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perfect competition

monopoly

both A and B

none of the above

Wealth of nations

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is another name for united nations

is name of a book

indicates total wealth of rich countries

contains formulas to earn wealth

Wealth of Nations was written by

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Adam Smith

Malthus

Marshall

Newton

Indifference curves are convex to the origin because

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two goods are perfect substitutes

two goods are imperfect substitutes

two goods are perfect complementary goods

goods area jointly demanded

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 slopes of average and marginal products curves are always zero under:

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Law of increasing returns

Law of diminishing returns

Law of constant returns

Law of variable propoitions

Marginal revenue of a monopolist is

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equal to price

greater than price

less than price

increases with output

Who said that "Economics is a science of human welfare"

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Adam Smith

Carlyle and Ruskin

Alfred Marshall

Malthus

A firm attains sub-normal profit when:

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AR = AC

AR < AC

AR > AC

TR < TC

The government constructed a new water reservoir for the purpose of irrigation; this might be taken as

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increase in supply of capital

increase in supply of land

increase in supply of land and supply of capital

none of these

Validity of economics theories can never be proved with 100 percent certainty, because

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ceteris paribus clause

limited number of observation is possible

very large number of economic theories proved false in the past

b and c

Supply curve will shift when

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price falls

price rises

demand shifts

technology changes

Prof. Marshall thinks

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Economics studies national welfare

Economics studies personal welfare

Economics studies total welfare

Economics studies material welfare

Market is an area where :

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Products are sold

Buyers and sellers come in contact with each other

Price flactuates

Price remain constant

Profit is maximum when

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TC and TR curves are parallel

MC and MR curves are parallel

TC and TR curves cross each other

AC and AR curves cross each other

Internal economies of scale include

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risk-bearing economics

trade mark

managerial economies

a and c of above

As out put increases, AC curve

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falls

rises

remains constant

all of the above

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