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NAT II Management Science Economy MCQs With Answers
Question # 1
The other name of law of diminishing return is:
Choose an answer
Law of supply
Law of diminishing marginal utility
Law of demand
Law of increasing cost
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Question # 2
A monopolistically competitive firm in short run equilibrium:
Choose an answer
Will make negative profit (lose money).
Will make zero profit (break-even)
Will make positive profit
Any of the given are possible.
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Question # 3
The elasticity of demand of durable goods is
Choose an answer
More than unity
Equal to unity
Less than unity
Zero
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Question # 4
As more of a good is consumed, then total utility typically:
Choose an answer
Increases at a decreasing rate.
Decreases as long as marginal utility is negative
Decreases as long as marginal utility is positive
Is negative as long as marginal utility is decreasing.
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Question # 5
What was the share of the major crops of value added in agriculture in 2005-06?
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24.2percent
35.2percent
39.1percent
45percent
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Question # 6
Which sector contributed to 22 percent to GDP in Pakistan in 2005-06?
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Services
Transport
Mining
Agriculture
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