Question # 1

One of the following is an example of monopoly.

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Motorways

Pakistan railways

PIA

None of these

Everyone should study economics is a

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positive statement

normative statement

true statement

nonsense

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

The quality of commodity that satisfies some human want or need is called

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service

demand

utility

efficiency

According to Ricardo rents are high because prices of produce of land are

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high

low

constant

none of the above

When MR = MC , a firm.

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Does not attain a equilibrium position

Suffers from loss

Attains its equilibrium position

Attains profit

Profit = ?

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TR - TC

TR - MC

TC - MC

TR + TC

One of the following will not be capital.

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Mchinery

Means of communication

Water falls

Means of transportation

It describes the law of supply

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supply curve

supply schedule

supply equation

all the three

Goods which can satisfy human wants are.

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Consumer goods

Capital goods

Social goods

Public goods

Perfect competition is a situation of market, where there are very large number of firms selling the same commodity are called

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Revenue curve under perfect competition

Monopoly curve

Total revenue curve

None of these

Increasing the minimum wage for workers will

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solve the unemployment problem

result in scarcity of workers

cause substitution of capital for labour

decreases the MP of those workers

How many various forms of capital

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7

8

9

10

Marshall is his definition of economics

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uses the concept of material welfare

dislikes wealth

accuses Adam smith

Praises Robbins

Productivity of capital depends upon

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quality of labour

quality of raw materials

quality of management

all of the above

With an increase in the supply of labour wage rate will:

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Fall

Increase

Remain constant

None of the three

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

Indifference curves are convex to the origin because

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two goods are perfect substitutes

two goods are imperfect substitutes

two goods are perfect complementary goods

goods area jointly demanded

Extension of supply will take place as a consequence of:

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Change in price

Change in population

Change in technology

Change in money supply

______ is a science which is concerned with the collection, presentation, and interpretation of numerical data

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Statistics

Economics analysis

Function

None of these

In the long-run a competitive firms attains only:

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Normal profit

Super Normal profit

Sub-Normal profit

Marginal cost

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