| 1 |
Markets where firms supply goods and services demanded by households are |
- A. factor market
- B. product market
- C. open markets
- D. resource markets
|
| 2 |
MRP curve of a firm represent demand curve of industry under. |
- A. Imperfect compitition
- B. Monolopy
- C. Oligopoly
- D. Perfect competition
|
| 3 |
Who was the founder of classical school of thought? |
- A. Adam Smith
- B. Marshall
- C. Keynes
- D. Maithus
|
| 4 |
The following is <i>NOT</i>a factor of production |
- A. labour
- B. entrepreneurship
- C. land
- D. money
|
| 5 |
When labourers do not get jobs according to their qualification it will be : |
- A. Unemployment
- B. Under employment
- C. Disguised unemployment
- D. None of the three
|
| 6 |
Union leaders are in better position bargain for higher wages if demand for labour is |
- A. elastic
- B. inelastic
- C. very large
- D. permanent
|
| 7 |
When total product (TP) reaches its maximum, Marginal product (MP) is_ |
- A. Zero
- B. Positive
- C. Negative
- D. Rising
|
| 8 |
Which one of the following is a day to day market. |
- A. The market of perishable goods
- B. The market of refrigerators
- C. The market of stationary
- D. None of the three
|
| 9 |
According to Alfred Marshall, Economics should be taken as: |
- A. Positive economics
- B. Normative economics
- C. Welfare economics
- D. Applied economics
|
| 10 |
Malaysia enjoys monopoly on rubber, but which kind of monopoluit is. |
- A. Natural monopoly
- B. Social monopoly
- C. Legal monopoly
- D. Implied monopoly
|
