Question # 1

According to the law of diminishing utility.

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Utility is at a maximum with the first unit

Increasing units of consumption increase the marginal utility

Marginal product will fall as more units are consumed

Total utility will rise at a falling rate as more units are consumed

the ouput where diminishing return to production begin is also the ouput where

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Marginal cost is at a minimum.

Average total cost is at a minimum

Average variable cost is at a minimum

Marginal and average

Pakistan is the _________ largest Cotton Producer country in the world

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Fourth

Fifth

Eight

Sixth

The mathematical theory of probability has helped to form the.

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Statistical theory

Law of inertia of large numbers

Law of statistical Relativity

Law of statistical Regularity

Quotas are government imposed limits on the ___ of goods trade between countries.

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Prices

Quantity

Revenue

Costs

if a consumer is purchasing only two commodities X and Y , and the marginal utility per dollar of Y is greater than the marginal utility per dollar of X to maximize total utility with the limited income the consumer should buy.

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.Less of both commodities

.More of both commodities

More of Y.

None of the above

Firm A's annual profit is.

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Rs.10,000

Rs.20,000

Rs.30,000

Rs.60,000

A widely used indicator to differentiate developed countries from developing countries is.

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International trade per captia

Real income per capita

Unemployment per capita

Calories per capita

An increase in the costs of production will

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Shift demand out wards

Shift demand in wards

Shift supply out wards so more is supplied at each and every price all other things unchanged.

Shift supply inwards

Which provide a shorthand summary of data.

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Frequency table

Simple table

Cross table

Two way table

Elasticity of demand of luxurious goods is always more elastic

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More elastic

Less elastic

Equal elastic

None elastic

The value of an asset depends upon

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Its scrap value

Its depreciation

The present value of the failure stream of income it can earn.

the cost of loans

The warfare effect of a quota depend to a considerable extent upon.

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Who has the quota license

The size of the quota

Elasticities of domestic demand and supply

All of the above

The concept of "Interdependence of markets" can refer to the interdependence between.

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Two or more factor markets

Goods and factor markets

Goods markets

All of the above

Short run average total costs are equal to the sum of _______ and______

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Short run opportunity costs, profit

Short run average variable costs, profit

short run average variable costs, profit.

Short run average variable costs short run average fixed costs

Bank and other corporations were nationalized by

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Z.A. Bhutto

Nawaz sharif

Zia ul Haq

None of these

The theory of overlapping demands predicts that trade in manufactured goods is unimportant for countries with very different.

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Tastes and preferenes

Expectations of future interest rate levels

Per capita income levels

Labor productivities

In economics, the term 'scarcity' refers to the fact that

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Everything worthwhile costs money

No society is able to produce enough to fully satisfy the desires of people for goods.

Even in wealthy societies, like the united states, some people are poor

sometimes shortages of product result if its price is set too low.

In any urban are there are people who have had healed wounds

If the rate of growth of a full employment labor forc eis 1.55 and 2.55 then the celling rate of growth of real GNP, according to Hick's theory of a constrained business cycle,is.

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1.5 %

2.55

4.0%

1.7%

Research simply mesa a search for.

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Problems

Facts

Results

Topic

Green revolution was in the following sector

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Agricultural sector

Import sector

Services sector

Industrial sector

Object of case study is to.

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Gueralise theory

Datives theory

Expand theory

Flexible data collection

The equilibrium level of income of the open economic model is.

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200

400

300

500

Economic development in UDCs is not possible without.

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Foreign aid

Capital formation

Natural resources

Domestic saving

A system of systematically interrelated concepts definitions and propositions that are advanced to explained and product phenomena.

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Facts

Values

Theory

Generalization

A production function for a firm which produces a product with two or more inputs.

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Represents a physical relationship between outputs for a specified set of inputs

Indicates the least cost combinations of inputs for a given output

Relates revenues and costs

Indicates the dollar cost for each level of ouput.

The economies of the developing nations are monitored by.

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ILO

WTO

IMF

UNICEF

Trade based on comparative advantage assures that.

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Only the strongest suvrive

Some people are rich and others are poor

Each item is produced using the least amount of time needed to produce it

Each item is produced at as low a cost possible in terms of other things given up

For equilibrium in an open four sector economy

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Actual injections = actual withdrawals

Planned injections = Planned withdrawals

Savings = investment

Government spending = tax revenue

When referring to economic growth we normally refer to.

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Growth in actual real per capita output

Growth in potential real per capita output

Growth in actual nominal per capita output

Growth in potential real per capita output

A feasible effect of international trade is that a

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Monopoly in the home market become an oligopoly in the world market

Oligopoly in the home market becomes a monopoly in the world market

Purely competitive firm in the home market becomes an oligopolistic

Purely competitive firm in the home market becomes a monopolist

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