Question # 1

The word "LIMITED" at the end of a firm's name means

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it produces only commodity

has limited capital

cannot have more than 100 members

shareholders liability to pay debt of firm cannot exceed value of their investment

The utility of an additional unit of a product is

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Law of demand

Law of substitution

Law of supply

Law of diminishing marginal utility

Under monopoly the price is always equal to:

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AR

MR

MC

AVC

In economics, one or more persons sharing common consumer budget is called

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social group

consumer union

organisation

household

______ is a science which is concerned with the collection, presentation, and interpretation of numerical data

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Statistics

Economics analysis

Function

None of these

He put forward the theory of profit

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Keynes

Adam Smith

Knight

Anyson

The products which are not priced in the market are called .

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Economic goods

Non-economic goods

Merit goods

Social goods

An example of natural resource is

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factory

skilled doctor

oil reserves in the ground

oil reserves in storage tank

The supply of labour is based on the trade off between leisure and

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wealth

work

wages

price of product

As out put increases, AC curve

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falls

rises

remains constant

all of the above

All non materials products which can satisfy human wants are called.

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Economic goods

Services

Non-economics goods

Services

An increases in demand would cause supply curve to

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shift to the left

shift to the right

change in slope of supply curve

no effect on supply

Marginal revenue is always less than price at all level of output in

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perfect competition

monopoly

both a and b

none of the above

When total product rises marginal product.

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Remains the same

Falls

Also rises

None of the three

Every country should have population

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minimum

constant

optimum

fast growing

Rice mill is a :

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Fixed capital

Floating capital

Sunk capital

None of the three

If price and total revenue move in the same direction, then demand is

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inelastic

elastic

unrelated

perfectly elastic

In case of perfectly elastic demand curve, the demand curve will be parallel to the :

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Horizontal axis

Vertical Axis

None of the above

The demand of a will expand when:

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Other things do not remain constant.

Price of the products changes.

Value of money falls.

None of the three

The demand for a factor is called.

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Composite demand

Joint demand

derived demand

No demand

When MU is positive, TU

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increases

decreases

remains constant

is maximum

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