Question # 1

Who made the decision to name a single currency the Euro?

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European Commision

European Council

European Parliament

European Central Bank

Which is the largest import Pakistan?

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Food

Petroleum

Fertilizer

Medicine

An increase in price all other things unchanged leads to:

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Shift demand out outwards

Shift demand inwards

A Contraction of demand

An extension of demand

A constitutionally recognized body is-

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Planning Commission

Finance commission

Forward Commission

Farmers Commission

What is a 'Quasi-rents'?

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Are in the nature of free gifts

May be applicable to all factors of production

comprise of all the returns to firm in excess of the returns of the marginal firm

All the above

The allocation of scarce resources and nearly all other economic activity stams form ritual habit or custom:

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Mixed economy

Capitalism

Traditional economy

communism

Economic development is measured on the basis of

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Increase in nominal GNP

Increase in real GNP

Increase in personal incomes

Increase in government revenue

A monopolisitically competitive firm in short run equilibrium:

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Will make negative profit (loss money)

Will make zero profit (break-even)

Will make positive profit

Any of the given are possible

In the short run films t in perfect competition will still produced provided:

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The price covers averages variable cost

The Price covers variables cost

The price covers average fixed cost

The price covers fixed costs

Opportunity cast of a factor is known as

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Transfer earning

Money cost

Present earning

None of the above

The reason for cost push inflation is:

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Increase in money wages

Increase in rate of profit

Both of above

None of the above

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