Question # 1

Long run average cost curve is :

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U shaped

L shaped

Dish shaped

None of the three

Normal profit is

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part of total cost

part of economic profit

part of fixed cost

total revenue minus total cost

If demand is inelastic, a change in the price

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will change the quantity in same direction

will change total revenue in same direction

will change total revenue in the opposite direction

will not change quantity

With an increase in the supply of labour wage rate will:

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Fall

Increase

Remain constant

None of the three

Long run cost curves can be termed as.

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V-shaped

U-shaped

Oval-shaped

Dish-shaped

Select the correct statement

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Economics affects politics

Economics affects history

Geography affects economics

all of the above are true

A decrease in demand causes the equilibrium price to

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rise

fall

remain constant

indeterminate

A firm will be in equilibrium where.

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Its total profit is high

Its cot is minimum

It produces at a level of output which its profit is minimum or loss in minimum

None of the three

With a fixed in the market period, if the demand of a product rises, then:

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Price will fall

Price will rise

Price will remain the same

None of the three

Under perfect competition, demand for a factor is its

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MRP curve

ARP curve

TRP curve

TR - TC

Which is a condition for existence of monopoly

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big size

identical product

absence of government taxes

no close substitute

Fixing of minimum wage

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raises demand for labour

raises profits

causes unemployment

is welcomed by employers

Loinel Robbins wrote a book entitled "Nature and Significance of economic science" in.

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1776

1998

1931

1936

The demand for a factor is called.

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Composite demand

Joint demand

derived demand

No demand

The maximum number of parteners in a partnership is .

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20

30

15

18

Validity of economics theories can never be proved with 100 percent certainty, because

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ceteris paribus clause

limited number of observation is possible

very large number of economic theories proved false in the past

b and c

Internal economies of scale include

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risk-bearing economics

trade mark

managerial economies

a and c of above

In case of perfect competition in the market

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marginal revenue curve always slopes upward

marginal revenue curve always slopes downward

marginal revenue is always equal to average revenue

marginal revenue is always less than to average revenue

Total profit = ?

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Per unit profit x output

Per unit profit x input

Per unit profit + output

per unit profit - input

Who criticized economics as "dismal Science".

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Alfred Marshall

Lionel Robbins

Carlyle and Ruskin

J.M. Keynes.

Food, Shelter and clothing are:

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Necessities

Comfort

Luxuries.

None of three

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