Question # 1

Total cost curve in general is a.

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Linear function

Quadratic function

Cubic function

Long function

A competitive firm is in equilibrium in the long-run where:

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ME = AR = LMC = P

MR = AR = LMC = LAC

MR < AR = LMC <LAC

None of the three

Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is

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a shortage

a surplus

excess supply

loss

Normal profit is attained where:

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TR = TC

TR >TC

AR > MR

AR < MR

According to Keynes interest is a payment for

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use of durable goods

use of capital

use of money

use of land

One of the following is not an assumption of law of supply.

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Political system should not changed

Cost of production should not changed

Production technique should not changed

Cost of raw material should not changed

Which on of the following represents fixed cost:

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Price of raw material

Wages

Interests on loan

Rent of land

Who said that "Economics is a science of human welfare"

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Adam Smith

Carlyle and Ruskin

Alfred Marshall

Malthus

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

A monopoly market can be controlled by.

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Fixing of the price by the government

Administrative measures

Introduction of substitutes

Nationalisation

Average cost and marginal cost curves in the short-run are:

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Quadratic function

Linear function

Cubic function

Log function

Who introduced the concept of Quasi rent.

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Hicks

Alfred Marshall

Hobson

Robbins

Robbins in his definition

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talks of scarcity of resources

preached moral values

supports Adam smith view

none of the above

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

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1776

1998

1931

1936

He put forward the theory of profit

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Keynes

Adam Smith

Knight

Anyson

Market equilibrium means a situation where

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Q_s= Q_d

Q_s= Q_p

Q_d= Q_p

Q_q= Q_p

About labour we can say with certainty that it is

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Perishable

Hirable

Reliable

all of the above

A positive statement

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concerns what is

is always accurate

deals with values and opinions

cannot be tested in the real world

In short period how many possibilities in which a firm may find itself

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four

five

six

seven

It is an example of public limited company

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WAPDA

President House

SHELL petroleum

none of the above

Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called

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Law of Supply

Law of Demand

Law of equilibrium

None of these

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

When demand rises more than supply price of the product will.

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Rise

Fall

Remains unchanged

None of the three

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