Question # 1

normative economics

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deals solely with the facts

is never studied in colleges

involves opinions and interpretations

is clearly preferable to positive economics

Labour input includes

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inventor

innovator

unskilled worker

all of the above

Who was the exponent of macro economics in recent times.

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Adam Smith

J.M. Keynes

Marshall

Maithus

The borrower has to pay interest because of

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His poverty

productivity of capital

greediness of capitalist

scarcity of capital

Equilibrium of consumer is explained by

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negative utility

positive utility

marginal utility

profit

A producer will employ workers up to the point where its MRP becomes

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ARP

current wage rate

negative

equal to profit

Law of demand shows relation between

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income and price of commodity

price and quantity of a commodity

income and quantity demanded

quantity demanded and quantity supplied

Which of the following factors takes risk, innovates and coordinates

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capital

labour

bank

entrepreneur

To show data in tables, we must first

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reduce data

expand data

classify data

all of the above

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

Production in economic means

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factors of production

doing some job

output of goods

profit

Total fixed cost curve is .

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Parallel to the vertical axis

Parallel to the horizontal axis

Sloping downward to the right

Sloping upward to the right

The position of the firm when it is earning maximum of profit and Profit = Total Revenue - Total cost are called

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Perfect competition

Under perfect competition

Equilibrium of firm

None of these

Laws of return apply to firms working in

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perfect competition

monopoly

small firm

all kinds of market situations

If the government supplies a product at a price less than the equilibrium price, it will create:

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Shortage

Surlius

Non of the two

Equilibrium quantity

A firms reaches its shut down point where:

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AC > AR

AC = AR

AC< AR

AVC = AR

Rent is calculated from

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most superior land

most inferior land

marginal land

uncultivable land

Mobility of labour

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increases efficiency of labour

decreases wages of labour

increases division of labour

a and c of above

The rent which is paid in the short run due to perfectly inelastic supply of a factor is known as.

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Deffertial rent

Economic rent

Quasi rent

Scarcity rent

One of the following will not cause a rise and fall on demand.

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Change in income

Change in weather

Discovery of a substitute

Distribution of income remaining the same

Joint stock company is manged and run by a

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Board of Directors

Shareholders

Accountant

None of these

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