Question # 1

Reward the labour is:

Interest

Wages

Profit

Rent

The price elasticity of demand for any good must be less than or equal to zero unless:

The good is a necessity.

The good is a luxury.

The good is a Ciffen good.

None of the given options.

Income elasticity show the relationship between:

Income and demand

Income and consumption

Income and price

Income and saving

In 2005-06 the real GDP growth of USA was 3.5 percent, of China 9.9 percent, Japan 2.7 percent, India 8.0 percent and of Pakistan was:

6.6 percent

1.6 percent

4.6 percent

5.0 percent

Welfare economics is the branch of economics which deals with:

Positive issues

Normative issues

Micro issues

Macro issues

To find the profit maximizing level of output, a firm finds the output level where:

Price equals marginal cost

Marginal revenue and average total cost

Price equals marginal revenue

None of the given options

NAT II Management Science Economy MCQs With Answers