Question # 1

If variable costs of a firm are covered partly under perfect competition, then that firm

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Will run with normal profit

Will run with abnormal profit

Will run with minimum loss

Will not continue its business and close down

Are included in welfare economist

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Ricardo and J.S. Mill

Robbins and Keynes

Cannon and Pigou

Malthus and Keynes

Economy gets prosperity during

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Recession

Depression

Boom

Recovery

The term "inflation" means:

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Rapid increase in price level

Decrease in price level

General increase in price level

Both a and c

According to law of demand, when price of a commodity decreases, then demand curve

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Moves from left to right upward

Moves from left to right downward

Moves vertically

Moves horizontally

Price is determined under perfect competition

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By sellers

By buyers

By government

By forces of demand and supply

The main cause of using the Cheque as money is

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They are proved as receipt

Most of the people accept them

Protection of money

Easy in transportation

------------------- are added in national income

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Depreciation allowance

Subsidies

Indirect taxes

Direct taxes

If price increases but supply remains constant, it is called:

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Fall in supply

Contraction in supply

Expansion in supply

Rise in supply

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

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French

Latin

Russian

None of them

According to comparative cost theory conditions ------------- in goods and labour market exist

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of monopoly

of duopoly

Monopolistic competition

of perfect competition

If demand for commodity X changes due to the change in price of commodity, it is called

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Cross elasticity

Price elasticity

Income elasticity

Arc elasticity

The rate of usher on product of canal land is

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5%

10%

20%

2.5%

Intersection of demand and supply curve is called

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Equilibrium of firm

Equilibrium of demand

Equilibrium of supply

Equilibrium point

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

Supply of goods depends on

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price

income

income and price

utility

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