Question # 1

All factors of productions are variable in the:

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Marked period

Short period

long period

None of the three

Productivity of labour can be increased by

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raising minimum wages

reducing profits

increasing skills of workers

punishing absentee workers

In case of a fall in supply.

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Quantity supplied falls at the same price.

Quantity supplied rises at the same price.

Quantity supplied remain at the lower price.

None of the three

A variable is a symbol which, during a discussion, may assume different values or a set of admissible values. This is the definition of

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Prof. Kooros

Prof. Marshall

Prof. Rabbins

Prof. Kneez

Rickshaw has replaced tonga as local transport. As a result the tongs-drivers have become unemployed. Such unemployment is called

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structural

frictional

seasonal

personal

Saqib graduated one month ago. He is still unemployed. His unemployment is

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structural

frictional

seasonal

personal

Scarcity of goods means

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non availability of goods

high price of goods

People don't want to get such goods

the good is available but it is not free

If the price of a product rises, quantity demand if its substitute will.

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Fall

Rise

Remain unchanged

Fluctuate

MRP curve of a factor represents the.

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Supply curve of the factor

Demand curve of the factor

Either demand or supply curve of the factor

None of the three

The utility of durable consumer goods.

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Diminishes with the passage of time

Perishes, if not used

Can be obtained constantly

None of the three

When a competitive firm achieves long run equilibrium then

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P= MC

MR = MC

P = ATC

all of the above

Which one is not determinant of demand

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tastes

income

method of production

price

When the price of a product falls and as a concequence the demand for the product increase. it will be.

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Rise of demands

Fall of demand

Extension of demand

Contraction on demand

In the second stage of the law of variable of proportions the average product:

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Rises

Remains constant

Falls

None of the three

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 a person consumes goods X and Y maximises total utility, then MU per rupee from the two goods must be

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equal

unequal

increasing

decreasing

Rent is calculated from

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most superior land

most inferior land

marginal land

uncultivable land

Micro economics concentrates

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on inflation

international economics relations

individual economics units

economics development of Pakistan

How many kinds of equations?

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4

3

2

5

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

Long run cost curves can be termed as.

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V-shaped

U-shaped

Oval-shaped

Dish-shaped

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