Question # 1

When price is fixed below equilibrium level, there will be

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surplus commodity in the market

shortage of commodity in the market

supply curve will shift

demand curve will shift

Which type of problems are brought under discussion in micro economics .

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Consumer's behaviour

International trade

Balance of payment

Public finance

Every factor of production gets reward equal to

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value of average product

value of marginal product

value of total product

total revenue

The elasticity of demand for a product is less than unity. Therefore, with a fall in its price, total expenditure of consumer will.

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Fall

Rise

Remain the same

Fluctuate

To reduce unemployment the govt. may

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reduce money supply

reduce mobility of labour

reduce minimum wages

increase government spending

Net rent is also called.

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Different rent

Quasi rent

Scarcity rent

Economic rent

If demand is inelastic, a change in the price

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will change the quantity in same direction

will change total revenue in same direction

will change total revenue in the opposite direction

will not change quantity

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

TC

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starts from origin

not from origin

is parallel to y-axis

parallel to x- axis

One of the following is not land.

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Sui gas

Electric power

Atlantic Ocean`

A river

Labour input includes

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inventor

innovator

unskilled worker

all of the above

The maintain social status in life, a person requires.

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Bare necessities of life

Comforts of life

Luxuries of life

All of them

Income elasticity of demand for normal good is always

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1

more than one

negative

positive

The maximum number of parteners in a partnership is .

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20

30

15

18

Since marginal land does not yield rent therefore:

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Rent is a part of piece

Rent is not a part of price

Rent determines price

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

Long-run supply curve of labour is.

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Negatively stoped

Positively sloped

Parallel to the horizontal axis

Parallel to vertical axis

A firms reaches its shut down point where:

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AC > AR

AC = AR

AC< AR

AVC = AR

A market competition from in which there are very large number of firms producing a homogeneous commodity are called

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Perfect competition

Equilibrium of firm

Under perfect competition

None of these

Who introduced indifference curves to explain consumer's beghavior

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J.R Hicks

Marshall

Robbins

Adam Smith

Long run cost curves can be termed as.

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V-shaped

U-shaped

Oval-shaped

Dish-shaped

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