Question # 1

Marginal land

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is uncultivable land

gets low rent

gets no rent

cannot be sold

The three broad types of productive resources are

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money, profit and interest

capital, labour and natural resources

labour, stock shares and deposits

technology, landl and markets

Net investment equals Gross investment MINUS

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fixed capital

capital depreciation

capital appreciation

capital formation

All inputs can be varied in

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short run

long run

both periods

non of the period

According to Ricardo rents are high because prices of produce of land are

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high

low

constant

none of the above

At the point of equilibrium of firm under perfect competition

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MC curve must be rising

MC curve must be falling

MR curve must be rising

MR curve must be falling

When there is big change in quantity supplied resulting from a minor change inits price,its elasticity of supply will be.

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Equal to unity

Less than unity

Equal to zero

Greater than unity

Stock exchange is market where we can buy:

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Shares

Foreign exchange

Factors of production

Consumer goods

Price elastic of demand measures

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change in price caused by changes in demand

the rate of change of sales

the responsiveness of demand to price changes

the value of sales at a given price

Other things equal, if a good has more substitutes, its price elasticty of demand is

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larger

smaller

zero

unity

The method to measure the elasticity of demand is :

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Percentage method

Total outlay approach

Geometric approch

All the three

A statement of how one variable affects other variable is

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a quadrant

a variable

an assumption

a functional relationship

Marginal land or no rent land is the land which:

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Covers the cost of productions only

Determines rent of the superiorlands

Both a & b

None of the three

To reduce unemployment the govt. may

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reduce money supply

reduce mobility of labour

reduce minimum wages

increase government spending

Which of the following factors takes risk, innovates and coordinates

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capital

labour

bank

entrepreneur

The reward of their services cannot be fixed

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wage earner

rent receiver

interest receiver

profit earner

TR increase at a constant rate under:

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monopoly

Monopolistic

Perfect competition

Oligopoly

The wage which is paid in cash is known as.

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Real wage

Nominal wage

Excess wage

Low wage

Equilibrium

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is a state that can never be achieved in economics

is an important idea for predicting economics changes

is a stable condition

is an unstable condition

The concept of perfect competition was introduced by.

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Adam Smith

Alfred Marshall

Keynes

Malthus

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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