Question # 1

Father of the political economy

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Adam smith

Malthus

Marshall

Samuelson

The set of skills and abilities that workers possess for production of goods and serves is

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motivation

wealth

human capital

natural talent

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

Which one is the assumption of law of demand?

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price of the commodity should not change

quantity demand should not change

income of the consumer should not change

none of the above

When total product rises marginal product.

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Remains the same

Falls

Also rises

None of the three

Union leaders are in better position bargain for higher wages if demand for labour is

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elastic

inelastic

very large

permanent

The transformation of resources into economic goods and services is called

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technical efficiency

input

production

increasing returns

Profit is maximum when

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TC and TR curves are parallel

MC and MR curves are parallel

TC and TR curves cross each other

AC and AR curves cross each other

It is most suitable for large scale business

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proprietorship

partnership

corporation

cooperative society

Economic goods produced by firms are called

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productivity

innovation

technological progress

output

How many types of markets according to location

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4

5

6

7

Pollution which is side effect of producing or consuming something and which is not taken into account by producers and sellers is called

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externality

wastage

extra cost

opportunity cost

When the supply curve of a product is parallel to the vertical axis, it would mean that;

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Different quantities of a product are supplied at the same price.

Different quantities of a product are supplied at different price.

Same quantities of a product are supplied at different price.

None of three

This is not a function of the entrepreneur

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supervise

innovate

lend money

prepare plan

Long-run price of a durable good is always less than its short run price . it is because.

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Long -run supply is more elastic than short-run supply curve.

Long -run supply is less elastic than short-run supply curve.

Long and short-run supply curves are equally elastic

None of the three

Goods which can satisfy human wants are.

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Consumer goods

Capital goods

Social goods

Public goods

Limited liability is one of the advantages of

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partnership

sole proprietor

joint stock company

cooperative society

Robbins in his definition

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talks of scarcity of resources

preached moral values

supports Adam smith view

none of the above

One of the following will not be capital.

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Mchinery

Means of communication

Water falls

Means of transportation

He presented a theory of rent

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Malthus

Allama Iqbal

Ricardo

Marshall

In monopoly at various output levels

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AR = MR

AR < MR

AR > MR

AR and MR curves are parallel

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