Question # 1

One of the following is not included in implicit cost

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Interest of entrepreneur's own capital

Rent of building

Reward of entrepreneur's own labour

Reward of entrepreneur's own land

Theory of sun-spot was presented by

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Prof Jevons and Henry L, Moor

Prof Pigou and begehot

Prof Hobson

Prof Cassel

One is not included in measuring National income

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Wage of labour

services of house lady

Agricultural production

Industrial production

The goods which can be used in place of each other, are called

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Complimentary goods

Substitute goods

Alternative goods

Jointly demanded goods

Quantity of a commodity which the consumers are ready to purchase at a particular price, is called

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Demand

Supply

Stock

Demand and supply

When AC is falling then:

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MC = AC

AVC = MC

MC > AC

MC < AC

Total utility always:

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Decreases

1st increases then decreases

Maximum

Negative

If a firm does not produce anything then its variable cost is:

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Minimum

Negative

Maximum

Zero

Private owners of minerals are bound to pay --------- Zakat of their production

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10%

15%

20%

25%

The costs which a firm bear only in case of producing commodities

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Fixed costs

Variable costs

Total costs

Average fixed cost

In order to satisfy some wants, more than one commodities are needed. Demand for such commodities is called

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Joint demand

Composite demand

Derived demand

Direct demand

In comparative cost or comparative advantage theory, ratio is

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1x1 one good one country

2x2 two goods two countries

1x2 one good two countries

2x1 two goods one country

Under monopoly, the slope of MR curve is:

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Twice the slope of AR curve

Less than the slope of AR curve

Greater than the slope of AR curve

Half the slope of AR curve

Market price will be determined where

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Supply is more than demand

Demand is more than supply

Demand and supply are equal

Demand is less elastic and supply is more elastic

When supply increases due to other factors besides price, it is called

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Extension of supply

Contraction of supply

Rise of supply

Fall of supply

Total utility is maximum when marginal utility is

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Positive

Negative

Zero

Minimum

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