Question # 1

The demand of a good falls when.

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Its price falls

Price of the substitute changes

its price rises

It price remain constant

The price of a product double due to which its quantity demand falls to one half. The elasticity of demand for product will be:

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Equal to unity

Lass than unity

Greater than unity

Equal to zero

Specialization of labour has the advantage.

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increased production

introduction of new technology

increases in self-sufficiency

a and b of above

Wants are unlimited for:

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Poor person

Rich person

All persons

None of them

A firm decides to shut down production temporarily when

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MC start rising

AC stat rising

price = AC

price falls below AVC

Law of decreasing returns generates

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law of economic growth

law of increasing costs

law of variable costs

law of decreasing costs

Adam Smith wrote a book entitled "An enquiry into the nature and causes of wealth of nation" in.

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1784

1792

1776

1796

Land as used in economics

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is a free gift of nature

is unlimited in quantity

is not hirable

excludes oceans

Gov. of Pakistan introduced labour policy for the first time in.

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1955

1950

1948

1959

Which of the following shifts supply curve of cars to the right

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tax on new cars

increase in wages of workers

decrease in steel price

a successful promotion campaign by sellers

The concept of internal and external economics was given by.

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Adam Smith

Robbins

J.M.Keynes

Alfred Marshall

Natural environment that supports production of goods and services is included in

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labour

money

capital

land

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

As output increases

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MC curve firstly falls then rises

MC firstly rises then falls

MC continuously rises

continuously falls

How many kinds of market?

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4

5

6

7

He described economics as a science of material welfare

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Robbins

Marshall

Ricardo

Keyness

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

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Circulating capital

Fixed capital

Money capital

Real capital

When a competitive firm faces loss the slop of its MR curve is:

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Negative

Positive

Zero

Unity

Pakistan population is growing a rate of .

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2 % per annum

1. 8 % per annum

2.9 % per annum

2.2 % per annum

Buyers and sellers under perfect competition are.

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The same in number

Large in number

Small in number

None of the above

Profits arise because an entrepreneur

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prepares plan

innovates

lends money

a and b of above

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