Question # 1

Q_d = 12 - 2P

Q_s= -4 + 6P in this market model, P and Q are respectively.

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2 & 8

4 & 8

4 & 10

None of the three

The minimum wage is an example of

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price floor

price ceiling

equilibrium wage

efficiency of labour

Who was the exponent of macro economics in recent times.

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Adam Smith

J.M. Keynes

Marshall

Maithus

Under monopoly:

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AR = MR

AR > MR

AR < MR

AR = MR

How many various forms of capital

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7

8

9

10

The transformation of resources into economic gods and services is

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input

production

entrepreneur

market

During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to

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rightward

leftward

downward

no direction

Which one can cause a change in demand

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change in income

change in supply

change in tastes

a and c of above

Economics laws are:

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Statements of tendencies in economic behaviour

Unrealistic to deal with real economic problems.

Absolute and certain like the laws of physical science

Used to forecast the growth rate of an economy.

Standard of living of workers depends upon their

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nominal wages

real wages

average product

govt. policy

With an increase in wage rate supply of labour.

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Decrease

Increase

Remains constant

None of the three

This is an assumption of law of demand

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price of the commodity does not change

quantity should not change

supply should not change

income of consumer should not change

A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called.

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Supply of output

Production

Buffer stock

Stock

When AC curve rises, MC curve remains:

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Above AC

Below AC

Equal AC

Negative

Who was the founder of classical school of thought?

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Adam Smith

Marshall

Keynes

Maithus

The composite demand for a product is generally:

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Elastic

Inelastic

Equal to unity

Equal to zero

About labour we can say with certainty that it is

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Perishable

Hirable

Reliable

all of the above

As output increases

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MC curve firstly falls then rises

MC firstly rises then falls

MC continuously rises

continuously falls

The correlation between average wage (AW) and marginal wage (MW) under perfect competition is .

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AW = MW

AW > MW

AW < MW

None of the three

Lowest point on the average cost curve in the long-run represents;

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Optimum factors combination

Maximum level of output

Maximum level of total revenue

None of the three

How many kinds of equations?

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4

3

2

5

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