Question # 1

Economies and diseconomies of scale determine the shape of

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long run AC curve

short run AC

average fixed cost

none of the above

According to law of equi-marginal utility a consumer will maximises his total utility when

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He spends all his income on the product only

He spends more on one and less on the other

Marginal utility of the two goods are equalised

Not only the marginals utility of the two goods are equalised, but also the marginal utility of each good is equal to its price.

Social stagnation is a big obstacle to.

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Mobility of labour

Division OF labour

Efficiency o labour

All the above

With a fall in price quantity demand changes in such a way that total expenditure of the consumer remain constant, elasticity of demand will be.

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Equal to unity

Greater than unity

Less than unity

Equal to zero

Variable are represented by symbol

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V

U

P

C

If supply rises more than demand, price of the product will.

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Fall

Rise

Not change

Change

Market equilibrium means

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number of buyers and sellers are equal

demand and supply of commodity are equal

no price is changing

prices rise very slowly

When total product rises marginal product.

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Remains the same

Falls

Also rises

None of the three

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

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perfect competition

monopoly

both A and B

none of the above

Rice mill is a :

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Fixed capital

Floating capital

Sunk capital

None of the three

The transformation of resources into economic gods and services is

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input

production

entrepreneur

market

3x²=0 is an equation

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linear

quadratic

general

first degree

Elasticity of demand in case of minor change in price and quantity demand will be .

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Income elasticity of demand

Cross elasticity of demand

Point elasticity of demand

Arc elasticity of demand

Internal economies of scale include

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risk-bearing economics

trade mark

managerial economies

a and c of above

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

Which of the following is capital

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tractor

TV station

tarbela dam

all of the three

The market of refrigerators in general is called:

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Domestic market

Local market

International market

National market

Initial utility of a product is :

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Highest

Lowest

Conatant

None of them

In production of goods, negative returns in the short run imply that

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average product is negative

total product is negative

marginal product is negative

marginal cost is falling

A joint stock company has

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limited liability

unlimited liability

limited capital

unlimited capital

Wit rapid economic growth in a country the individual demand curve will:

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Rise

Fall

Extend

Contract

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