Question # 1

If the government supplies a product at a price less than the equilibrium price, it will create:

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Shortage

Surlius

Non of the two

Equilibrium quantity

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.

A ______ is something which is measurable and can take on different values

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Variable

Constant

Both a and b

None of these

Rent is calculated from

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most superior land

most inferior land

marginal land

uncultivable land

Geographical mobility is not possible for

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land

labour

capital

wealth

Normal profit is attained where:

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TR = TC

TR >TC

AR > MR

AR < MR

Which of the following is NOTa characteristic of perfect competition?

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free entry and exit of the firm

demand curve of a firm is horizontal

marginal revenue curve is horizontal

individual firm can influence the price

Money wages are also called

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Nominal Wages

Real wages

Gross wages

Net wages

There are large number of seller and buyers in the market but none is able to influence market price. such a market is called

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free

open

regular

competitive

The number of goods and services which one unit of a product can command in exchange for it is its.

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Value of money

Value in exchange

Price

Utility

This is not a function of the entrepreneur

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supervise

innovate

lend money

prepare plan

If elasticity of supply is one, supply curve will be

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horizontal

vertical

passing through origin

touching x-axis

Long-run price of a durable good is always less than its short run price . it is because.

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Long -run supply is more elastic than short-run supply curve.

Long -run supply is less elastic than short-run supply curve.

Long and short-run supply curves are equally elastic

None of the three

during short period, diminishing returns may follow because

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quantity of labour is fixed

quality of labour is fixed

quantity of capital is fixed

quantity of any one factor is fixed

A firm attains equilibrium under monopoly where:

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AR = MR

AC = MC

MR = MC

AR = AC

Law of demand shows relation between

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income and price of commodity

price and quantity of a commodity

income and quantity demanded

quantity demanded and quantity supplied

Prof. Robins wrote a book in 1931 entitled.

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General Theory of employment. Interest and money.

An inquiry into the nature and causes of wealth of nations.

Principle of economics.

Nature and Significance of economic science.

Utility is most closely related to the term

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useful

useless

necessary

satisfaction

When the classify data on the basis of income there will be

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class intervals

class numbers

groups

sections

How many various forms of capital

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7

8

9

10

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