Question # 1

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

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Zero

Positive

Negative

Rising

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

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Adam Smith

Carlyle and Ruskin

Alfred Marshall

Malthus

Capital formation lakes place when

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people save a part of their incomes

saved amount is invested

investors expect good return

all of the three

Since marginal land does not yield rent therefore:

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Rent is a part of piece

Rent is not a part of price

Rent determines price

None of the three

When total product falls, marginal product is.

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Zero

Positive

Negative

Falling

Marshall is his definition of economics

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uses the concept of material welfare

dislikes wealth

accuses Adam smith

Praises Robbins

Select the correct statement

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Economics affects politics

Economics affects history

Geography affects economics

all of the above are true

All the products which are priced in the market are.

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Non economic products

Economic products

Private products

Public products

Market is an area where :

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Products are sold

Buyers and sellers come in contact with each other

Price flactuates

Price remain constant

Short run cost curves are.

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v-shaped

Dish-shaped

U-shaped

L-shaped

Utility of a product depends upon

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Knowledge

Ownership

Form

All of them

Total utility is maximised when.

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Marginal utility is zero

Marginal utility falls

Marginal utility rises

Non of the above

One of the following is gift of a nature .

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Land

Labour

Capital

Organization

Money wages are also called

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Nominal Wages

Real wages

Gross wages

Net wages

How many merits of organization in text book

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7

8

9

10

When marginal revenue is zero, total revenue is

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maximum

minimum

zero

decreasing

A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called.

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Supply of output

Production

Buffer stock

Stock

TC

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rises continuously

falls then rises

is horizontal to x-axis

is parallel to y-axis

Economic principle are also called

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economic law

economic theory

economic model

all of the above

Three basic economics problems are

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what, how and for whom

why, where and when

what, which and how much

what, which and why

Under perfect competition, demand for a factor is its

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MRP curve

ARP curve

TRP curve

TR - TC

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