Question # 1

Land is

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hirable

not hirable

homogeneous

a form of capital

One of the following can be registered in a stock exchange.

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Business under partnership

Cooperative society

Join stock company

Sole proprietorship

Lowest point on the average cost curve in the long-run represents;

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Optimum factors combination

Maximum level of output

Maximum level of total revenue

None of the three

The extent of market depends upon

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Means of transport and communication

Political instability

Economics instability

Trade restriction

In the business world

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a firm working under perfect competition wants to become a monopoly

a firm working under monopoly wants to become a competitive firm

monopoly price is always higher than competitive price

competitive price is always higher than monopoly price

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

3x²=0 is an equation

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linear

quadratic

general

first degree

Total profit = ?

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Per unit profit x output

Per unit profit x input

Per unit profit + output

per unit profit - input

If demand has unit price elasticity, a change in price causes

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increase in total revenue

decrease in total revenue

no change in total revenue

indeterminate

Which of the following is the subject matter of Economics.

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Optimum use of limited resources for the satisfaction of unlimited human wants.

Economic problems of the developing countries.

Labour problems.

Balance of payment problems.

.Which one is not an economic want.

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Want for food

Want to be a doctor

Want to fall in love

Non of the above

In factor market, which statement is true

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wages are determined by MP

Rent is fixed by landlords

interest rate is determined by Govt.

profit is determined by luck

One of the following is an example of monopoly.

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Motorways

Pakistan railways

PIA

None of these

Choose the correct establish condition for equilibrium

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MR = MC

MC intersects MR curve from below

MC + MR

Both a and b

If demand is unitary elastic, a 25% increase in price will result in

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25% change in total revenue

no change in quantity demanded

1% decrease in quantity demanded

25% decrease in quantity demanded

Long-run supply curve of labour is.

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Negatively stoped

Positively sloped

Parallel to the horizontal axis

Parallel to vertical axis

An example of labour is

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gambler

jogger

computer engineer

all of the above

Market Price of Perishable

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Commodities

Utility

Consumer

None of these

Power of a product which can satisfy human want is.

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Utility

Total utility

Average utility

Marginal utility

Long rum is a period

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three years or longer

long enough to allow firms to change plant size and capacity

in which a firm need not get loans

which affects larger more than smaller firms

Profits

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are residual payment

are pre-detemined

are fixed by contract

are always higher than wages

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