Question # 1

Economic principle are also called

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economic law

economic theory

economic model

all of the above

Marginal revenue recommended by symbol

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MR

MC

AR

None of these

The concept of internal and external economics was given by.

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Adam Smith

Robbins

J.M.Keynes

Alfred Marshall

Extent of market mainly depends upon.

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Availability of means of transport and communication

Nature of supply

Government restriction

Perishable goods

Productivity of capital depends upon

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quality of labour

quality of raw materials

quality of management

all of the above

Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called

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Law of Supply

Law of Demand

Law of equilibrium

None of these

The most efficient scale of production of a firm is where

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LAC is minimum

SAC is minimum

LMC is minimum

SMC is minimum

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

The method to measure the elasticity of demand by the unitary method was introduced by.

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Alfred Marshall

Robbins

Adam Smith

Malthus

Product differentiation is a pre-condition of:

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Perfect competition

Imperfect compitition

Monopoly

Oligopoly

The capital laying in the deposits of commercial bank is called.

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Domestic capital

Real capital

Foreign capital

Money capital

Diminishing marginal utility is the basis of

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law of supply

law of demand

laws of returns

none of the above

These are kinds of capital EXCEPT

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fixed capital

expensive capital

working capital

real capital

Marginal land

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is uncultivable land

gets low rent

gets no rent

cannot be sold

The wage which is paid in cash is known as.

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Real wage

Nominal wage

Excess wage

Low wage

Law of equimarginal utility is also called.

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Law of substitution

Law of maximum social benefits

Law of economy

Law of maximum satisfaction

TR increase at a constant rate under:

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monopoly

Monopolistic

Perfect competition

Oligopoly

When the supply curve of a product is parallel to the vertical axis, it would mean that;

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Different quantities of a product are supplied at the same price.

Different quantities of a product are supplied at different price.

Same quantities of a product are supplied at different price.

None of three

Consists of all kinds of wealth, other than free gifts of nature, which yield income are called

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Capital

Productivity of capital

Both a and b

None of these

Every factor of production gets reward equal to its

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cost

marginal product

price

increasing return

Efficiency of land can be promoted by.

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Means of communication

Fertility of land

Climate condition

Quality of other factors

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