Question # 1

Given the demand curve, a rise in supply will.

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Increase quantity supplied

Price will fall

Price will rise

Both (a) and (b)

The elasticity f demand in case of substitute is called.

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Income elasticity of demand

Priceelasticity of demand

Crosselasticity of demand

None of the three

When the demand of a product rises due to factors except price it will be.

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Extension of demands

Rise of demand

Contraction of demand

Extension of demand

The concept of perfect competition was introduced by.

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Adam Smith

Alfred Marshall

Keynes

Malthus

Which of the following saying describes diminishing marginal returns in the short run?

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When the cat is away, the mouse will play

Too many cooks spoil the broth

A rolling stone gathers no moss

A stitch in time saves nine

Joint stock company is manged and run by a

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Board of Directors

Shareholders

Accountant

None of these

If a consumer moves upward along an indifference curve, his total utility

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falls to zero

does not change

increases

decreases

According to Alfred Marshall, Economics should be taken as:

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Positive economics

Normative economics

Welfare economics

Applied economics

Natural environment that supports production of goods and services is included in

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labour

money

capital

land

Utility and usefulness are

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equal

different

opposite

unrelated

If a change in demand is brought by a change in income, of demand will be.

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Income elasticity

Price elasticity

Cross elasticity

Arcelasticity

In case of perfectly elastic demand curve, the demand curve will be parallel to the.

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Horizontal Axis

Vertical Axis

None of the above

Mobility of labour can be promoted by.

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Health

Better rewards

Immigration

Information media

Different prices are charged from different customers of the same product. This is called.

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Short run price

Price instability

Price discrimination

Long run price

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

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high

low

constant

none of the above

In law of diminishing returns at least one factor

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must be constant

must be owned by the firm

must be purchasable

must be efficient

A contour line which slopes downward from left to right and yield equal level of satisfaction to consumer with the given income is.

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Negatively slop curve

An indifference curve

Positively sloped Curve

None of the above

The market of refrigerators in general is called:

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Domestic market

Local market

International market

National market

The following affect rent EXCEPT

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better location

fertility of land

cleverness of landlords

scarcity of land

Laws of return apply to firms working in

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perfect competition

monopoly

small firm

all kinds of market situations

The demand of a good falls when.

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Its price falls

Price of the substitute changes

its price rises

It price remain constant

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