Question # 1

Normally MR curve intersects MC curve at points

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1

2

3

4

Economic laws can be define as .

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A statement of social behaviour

Laws implement by an executive

Laws of the state

Statement of general economic tendencies

Extension of supply will take place as a consequence of:

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Change in price

Change in population

Change in technology

Change in money supply

When MP is zero, TP is

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minimum

maximum

rising

falling

Under monopoly:

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AR = MR

AR > MR

AR < MR

AR = MR

The demand for a factor is called.

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Composite demand

Joint demand

derived demand

No demand

Who criticized economics as "dismal Science".

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Alfred Marshall

Lionel Robbins

Carlyle and Ruskin

J.M. Keynes.

.Which one is not an economic want.

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Want for food

Want to be a doctor

Want to fall in love

Non of the above

Which of the following shifts supply curve of cars to the right

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tax on new cars

increase in wages of workers

decrease in steel price

a successful promotion campaign by sellers

Different kinds of imperfect competition are.

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Monopoly

Monopolistic competition

Oligopoly

All the three

Long period supply curve is

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relatively flatter

relatively steeper

more elastic

a and c of above

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

x² - y² = 10 This function can be termed as .

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Expicit function

Implicit function

Linear function

Constant function

He put forward the theory of profit

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Keynes

Adam Smith

Knight

Anyson

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

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Demand

Supply

Equilibrium of demand as supply

None of the three

If the price of a product increase from Rs. 12 per unit and as a consequence quantity demand of the product falls from 100 units to 50 units . The price elasticity of the product will be.

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2.5

0.5

1.5

3.5

Common market of SAARC countries will be called:

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International market

National market

Regional market

None of the three

The maximum point of TP curve is at quantity of labour where

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Average physical product of labour is equal to 1

MPP of labour is at its maximum

curves of APP and MPP of labour intersect

MPP of labour is zero

Market system means

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Socialism

Capitalism

a place where goods are traded

all of the above

Human wants are

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one thousand

few

innumerable

countable

When MU is positive, TU

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increases

decreases

remains constant

is maximum

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