Question # 1

Fixed costs are those costs of production which

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Rise with quantity of output

Do not change with any amount of production

Decline with rising production

None of these

Private individuals can get loan from

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Their relatives, friends and domestic financial institutions

Foreign financial agencies

Foreign government

International financial institutions

Monopoly refers to:

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Single buyer

Single seller

Single producer

Both b and c

Word of economics has been derived from "Oikonomos" which is word of the language

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French

Latin

Russian

None of them

After subtracting depreciation allowance from gross national product is known

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National income

Net national product

Personal income

Gross domestic product

When total revenue and total cost of a firm are equal, the firm earns

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Abnormal profit

Normal profit

Normal loss

Abnormal loss

If elasticity of supply is less than unity then extending supply curve downward, it passes through or crosses

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y-axis

x-axis

Point of origin

Becomes vertical

When price decreases, supply:

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Contracts

Expands

Remains fixed

Becomes zero

Depreciation means:

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Wear and Tear

Reduction in value

Decrease in value

All of these

In modern term, factors of production are called

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Inputs

Productive services

Inputs and productive services

Production of goods and services

Equilibrium means

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the condition that is not possible

an unstable condition

a condition that can change

stable position

Relationship of level of prices and quantity of money

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Positive

Negative

Indirect

2nd and 3rd both

Subsidies means:

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Relief price to consumers

Relief in price to Producers

Surplus budget

Both a and b

Which economist did present, cardinal theory of utility

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Marshall

Karoos

Cannon

J.B. Say

Production which is produced with a particular combination of factors of production, is called

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Total product

Average product

Marginal product

Positive product

If demand decreases by 5% due to 10% increase in Price, then elasticity of demand is

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Equal to unity

More than unity

Less than unity

Zero

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