Question # 1

If elasticity of demand is very low it shows that the commodity is

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a necessity

a luxury

has little importance in total budget

a and c above

Profits

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are lower in the long run than in the short run

can be negative

are less in perfect competition than in monopoly

all of the above

A variable is a symbol which, during a discussion, may assume different values or a set of admissible values. This is the definition of

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Prof. Kooros

Prof. Marshall

Prof. Rabbins

Prof. Kneez

He presented a theory of rent

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Malthus

Allama Iqbal

Ricardo

Marshall

Robbins in his definition

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talks of scarcity of resources

preached moral values

supports Adam smith view

none of the above

When total product (TP) reaches its maximum, Marginal product (MP) is_

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Zero

Positive

Negative

Rising

The supply curve of day to day market is.

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Touching the horizontal axis

Touching the vertical axis

Perfactly elastic

Perfactly inelastic

Market equilibrium means

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number of buyers and sellers are equal

demand and supply of commodity are equal

no price is changing

prices rise very slowly

The capital which loses it from whenever it is used, is

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Circulating capital

Fixed capital

Money capital

Real capital

Market system means

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Socialism

Capitalism

a place where goods are traded

all of the above

Normal price is a price which prevails

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In day to day market

In domestic market

In the long run market

In a foreign market

A fall fall in supply will take place due to a:

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Business collusion

Bumper crop

Fall in custom duty

Fall in income

The talent of a professor is .

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National wealth

International wealth

Personal wealth

Non of them

Under perfect competition MR and AR curves

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are the same

are different

intersect each other

are parallel

Land as used in economics

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is a free gift of nature

is unlimited in quantity

is not hirable

excludes oceans

Reward of which factor of production is not pre-determined?

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labour

land

capital

organisation

The following affect rent EXCEPT

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better location

fertility of land

cleverness of landlords

scarcity of land

Select the correct statement

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Economics affects politics

Economics affects history

Geography affects economics

all of the above are true

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

The production function relates to

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cost of output

cost of input

output to input

demand to output

How many types of markets according to location

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4

5

6

7

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