Question # 1

The following are causes of shift in demand EXCEPT the one

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change in income

change in price

change in fashion

change in prices of substitutes

Which of the following factors takes risk, innovates and coordinates

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capital

labour

bank

entrepreneur

When demand is perfectly inelastic, an increase in price will result in

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decrease in total revenue

increase in total revenue

no change in total revenue

decrease in quantity demanded

When price is fixed below equilibrium level, there will be

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surplus commodity in the market

shortage of commodity in the market

supply curve will shift

demand curve will shift

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

Given the supply curve, a fall in demand will.

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Increase equilibrium quantity of the product

Decrease equilibrium quantity of the product

Not affect equilibrium quantity

Not affect equilibrium price

A product which has value price in the market has.

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Utility

Scarcity

Transferability

All the three

A person who contributes funds in partnership but does not take active part in management of business is called

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sleeping partner

helping partner

temporary partner

inactive partner

Assumptions of a law are called:

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Constant

Parameters

Variables

Dependent variable

Change in total cost on the production of one additional unit of output is calculated as .

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Marginal cost

Average cost

Total cost

Marginal product

Income elasticity of demand for normal good is always

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1

more than one

negative

positive

At the point of equilibrium of firm under perfect competition

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MC curve must be rising

MC curve must be falling

MR curve must be rising

MR curve must be falling

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

The kind of market is undesirable

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general market

specialized market

local market

monopoly market

Who introduced the concept of Quasi rent.

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Hicks

Alfred Marshall

Hobson

Robbins

One of the following is not an exception to the law of diminishing marginal utility .

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Money

Knowledge

Music

Non of them

A monopolist is always interested and obtains.

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Normal profit

Subnormal profit

Continues production even at loss

Super normal profit

To the economist, investment refers to

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sale of real estate

creation of new capital

purchase of a prize bond

decrease in inventories

A group of buyers and sellers that exchange a goods or services at a price are called

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Market

Commodity

Place

None of these

The demand of a will expand when:

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Other things do not remain constant.

Price of the products changes.

Value of money falls.

None of the three

Which is true

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capital depreciates

capital is primary factor of production

capital in not hireable

human capital is real capital

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