Question # 1

Rent of the building, interest of the capital and salaries of the permanent staff etc are called

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Fixed costs

Variable

Marginal cost

Average cost

During boom

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Business contracts

Unemployment increase

Profit decreases

Profit increases

Industry is in equilibrium under perfect competition in the long run, when every existing firm in the industry

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Is earning abnormal profit

Is earning normal profit

Is facing minimum loss

Is facing abnormal loss

River, sea, forests, rain are called

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Land

Labour

Capital

Organization

The percentage part of the agricultural produce is payable as Zakat which is irrigated by artificial sources

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5%

10%

15%

20%

One of the following is not included in explicit cost

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Wages of labourers

Reward of entrepreneur's personal labour

Price of raw material

Interest of capital

Which is not included in variable cost

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price of raw material

Advertisement expenditures

rent of builiding

wages of labour

Unitary method is also known as:

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Total revenue

Total satisfaction

Total utility

Total expenditure

Laws cannot be predicted

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Scientific laws

Moral laws

Economic laws

Natural laws

Which is not studied in micro economics

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Theory of consumer behavior

Price theory

Theory of money

Theory of distribution of wealth

Balance of visible goods of a country mean

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Quantity of imports & exports

Value of imports & exports

Value of imported & exported goods and services

Value of imported & exported services

Who did write the book named "An enquiry into the nature and causes of the wealth of nations"

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Adam smith

Marshall

Robbins

Canon

If supply goes on increasing due to a slight increase in price, then elasticity of supply is called

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Zero

Infinite

Equal to unity

More than unity

Indirect taxes become cause of

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Increase in prices

Decrease in prices

Stability of prices

Change in prices

In production process when marginal product increases with the increase in units of variable factors along with fixed factor, this tendency in economics is called

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Law of production

Law of increasing return

Law of decreasing return

Law of constant return

That particular price below which price the seller is not ready to sell his commodity, is called

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Market price

Normal price

Reserve price

All the three

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