Question # 1

Which is NOT an advantage of division of labour

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workers spend less time moving from job to job

workers becomes dependent on other workers

workers become more efficient at performing repeated task

machinery is more easily introduced to perform simple tasks

Law of diminishing returns is a universal law as:

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It does apply in all aspects of an economy.

Basically it applies in agriculture.

It is hard to check it.

It applies in industry as well

If a farmer moves from village to a town and establishes a small factory, it is a kind of mobility

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geographical

occupational

social

all of the above

Laws of return apply to firms working in

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perfect competition

monopoly

small firm

all kinds of market situations

A monopoly generally

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allocates resources in a socially optimal way

encourages greater income equality

encourages greater efficiency

produces less quantity than the quantity which minimies average cost

A monopoly market can be controlled by.

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Fixing of the price by the government

Administrative measures

Introduction of substitutes

Nationalisation

When TR of a competitive firm is equal to its TC, the firm attains.

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Normal profit

Super normal profit

Sub-normal profit

Shutdown point

The major difference between perfect competition and monopolistic competition is

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unity of frims

differentiated product

rate of profit

free exit and entry

Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of:

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Product B will go up

Product will fall

Both the above will take place

Nothing will take place

According to Ricardo rents are high because prices of produce of land are

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high

low

constant

none of the above

A group of buyers and sellers that exchange a goods or services at a price are called

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Market

Commodity

Place

None of these

q = 4 + 2P it is a functional equation of.

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Demand

Supply

Equilibrium of demand as supply

None of the three

Economic wants.

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Can unlimited

Capital goods

Social goods

Public goods

What best explains a shift in market supply curve to the right?

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an advertising campaign is successful in promoting the good

a new technique makes it cheaper to produce the good

the government introduces a tax on the good

the price of raw materials increases

x = f (y).

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x is a dependent variable.

y is a dependent variables

x and y are dependents variables.

None of the three

If elasticity of supply is one, supply curve will be

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horizontal

vertical

passing through origin

touching x-axis

As output increase, one of the following costs will also increase:

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Marginal cost

Average cost

Variable cost

Fixed cost

Members of business partnership in Pakistan are:

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2 to 20

5 to 20

2 to 25

2 to 3

The following affect rent EXCEPT

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better location

fertility of land

cleverness of landlords

scarcity of land

Human wants are

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one thousand

few

innumerable

countable

Which is the general form of quadratic equation

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x²-x-20 = 0

ax²+bx +c = 0

x²- x -c =0

None of these

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