Question # 1

Choose the correct condition of equilibrium of firm

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MC = MR

MC curve cuts MR curve from below

Both a and b

MC + MR - AR

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

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Circulating capital

Fixed capital

Money capital

Real capital

The demand of a commodity having many substitutes is

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more elastic

less elastic

zero elastic

infinite elastic

Which of the following is a producer good

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pen

cycle

mobile phone

hammer

Which one is the small scale production.

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Bata shoe factory

A barber shop

kohinoor Textile Industries

Sufi soap

The sacrifice of an alternative use of resources to produce something is called its

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real cost

opportunity cost

sacrifice cost

alternative cost

Under perfect competition

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AC = AVC

AR = AC

AR = MC

AR= MR

Which of the following input factor takes risk, innovates and coordinates

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capital

labour

productivity

entrepreneur

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)

Law of equimarginal utility is also called.

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Law of substitution

Law of maximum social benefits

Law of economy

Law of maximum satisfaction

Common market of SAARC countries will be called:

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International market

National market

Regional market

None of the three

With decrease in price of bonds, rate of interest

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decreases

increases

does not change

none of the above

Standard of living of a country can be raised if it increases

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labour force

production

money supply

exports

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

Everyone should study economics is a

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positive statement

normative statement

true statement

nonsense

Who is unemployed

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housewife

college student

a peer who lives on gifts from mureeds

a freshly graduated engineer who is searching for a job

How many condition of equilibrium of firm

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2

3

4

5

The theory of optimum population was presentd by:

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Cannon

Hicks

Keynes

Malthus

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

Profit is maximum when

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distance between TR and TC is maximum

distance between AR and AC is maximum

distance between MR and MC is maximum

distance between MR and AR is maximum

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

One of the following is not a characteristics of economic laws.

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Economic laws lack exactitude

Economic laws lack predictability

They are not universa!

They are not optional

A consumer in equilibrium when marginal utilities are

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minimum

highest

equal

increasing

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