Question # 1

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

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Zero

Positive

Negative

Rising

Profits arise because an entrepreneur

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prepares plan

innovates

lends money

a and b of above

Perfectly inelastic supply curve is:

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Parallel to vertical axis

Parallel to horizontal axis

Rises upward to the right

Falls downward to the right

Economics theory means

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economic policy

economic principles

descriptive economics

economics facts

Professor Knight is famous for his theory of

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rent

profit

population

wages

In which year Alfred Marshall wrote a book entitled "Principle of economics"

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1850

190

1870

1890

A horizontal demand curve has a price elasticity of

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zero

infinity

1

variable

Sometimes the supply curve of labour bends

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downward

upward

backward

firstly upward and then downward

Haris has a special taste for chicken rolls of college canteen. The owner of the canteen doubles the price of chicken roll. Haris did not respond to the increase in prices and kept on demanding the same quantity of chicken roll. His demand for chicken roll is

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perfectly elastic

perfectly inelastic

elastic

less elastic

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

How many types of markets according to location

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4

5

6

7

Trade Unions in Pakistan are unable to get an increase in wage rates because of :

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Minimum wage law

Low labour efficiency

Capital intensive projects

Lack of Natural resources

Net rent is also called.

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Different rent

Quasi rent

Scarcity rent

Economic rent

One of the following is not studied in Micro economics.

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Equilibrium to the firm

Distribution of rewards to factors of productions

Banking system

Market equilibrium

Qd = 50 - 5P people will demand 50 when price of the product is:

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Very high

Very low

Zero

Unity

This is an assumption of law of demand

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price of the commodity does not change

quantity should not change

supply should not change

income of consumer should not change

Macro economics deals with

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how to buy groceries

aggregate economics activity

establishment of a new firm

industrial activity

Why should employ units of a factor to a point where

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MP is negative

MP is equal to price of the factor

MP is positive

MP is rising

The law of variable proportions was presented by.

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David Ricords

Alfred Marshall

W.J.L. Ryan

Pareto

Gross profit includes

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monopoly profit

pure profit

windfall profit

all of the above

A bridge will be a

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Private good

Capital goods

Consumer good

Personal good

Which on of the following represents fixed cost:

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Price of raw material

Wages

Interests on loan

Rent of land

TVC

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starts from origin

not from origin

is parallel to x-axis

is parallel to y-axis

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