Question # 1

Land, labour and capital are needed to produce goods. They are collectively called

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elements of production

factors of production

tools of production

cost of production

If Bali burgers find that their MC of burgers is less than MR they would try to

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expand business

reduce business

continue as before

close business

To show data in tables, we must first

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reduce data

expand data

classify data

all of the above

x = 5 y^-1 this is a.

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Constant function

Explicit function

Inverse function

Decreasing function

Which laws are always subjected to certain conditions.

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Social

Political

Moral

Economic

When MR = MC , a firm.

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Does not attain a equilibrium position

Suffers from loss

Attains its equilibrium position

Attains profit

MRP curve of a firm represent demand curve of industry under.

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Imperfect compitition

Monolopy

Oligopoly

Perfect competition

Economic development of a country requires

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skilled lobour

diplomacy

abundant natural resources

a and c of aboce

The elasticity of demand of durable goods is

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less than unity

greater than unity

equal to unity

zero

When demand rises more than supply price of the product will.

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Rise

Fall

Remains unchanged

None of the three

Utility of a product depends upon

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Knowledge

Ownership

Form

All of them

A consumer in equilibrium when marginal utilities are

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minimum

highest

equal

increasing

If demand is inelastic, a change in the price

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will change the quantity in same direction

will change total revenue in same direction

will change total revenue in the opposite direction

will not change quantity

One of the following is an example of monopoly.

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Motorways

Pakistan railways

PIA

None of these

Total cost curve in general is a.

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Linear function

Quadratic function

Cubic function

Long function

TC

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rises continuously

falls then rises

is horizontal to x-axis

is parallel to y-axis

In which year Alfred Marshall wrote a book entitled "Principle of economics"

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1850

190

1870

1890

Economics laws are

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exact

approximate

brief

definite

Productivity of capital depends upon

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quality of labour

quality of raw materials

quality of management

all of the above

If a firm shuts down temporarily, it will incur loss equal to

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AFC

AVC

TFC

TVC

Which laws are implemented with an executive authority .

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Economic laws

Moral laws

State laws

Physical laws

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