Question # 1

Other things equal, if a good has more substitutes, its price elasticty of demand is

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larger

smaller

zero

unity

Average cost and marginal cost curves in the short-run are:

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Quadratic function

Linear function

Cubic function

Log function

In the business world

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a firm working under perfect competition wants to become a monopoly

a firm working under monopoly wants to become a competitive firm

monopoly price is always higher than competitive price

competitive price is always higher than monopoly price

The law of variable proportions was presented by.

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Jevens

Rayon

Hicks

Valentine

Equilibrium price of a product is determined by:

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The gomverment

An industrialist

Market competition

An agriculturist

Long-run supply curve of labour is.

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Negatively stoped

Positively sloped

Parallel to the horizontal axis

Parallel to vertical axis

if X and Y scales are the same a line making 45-degree angle with X-axis has slope

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1/4

1/2

1

constant

The theory of optimum population was presentd by:

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Cannon

Hicks

Keynes

Malthus

The borrower has to pay interest because of

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His poverty

productivity of capital

greediness of capitalist

scarcity of capital

The minimum wage is an example of

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price floor

price ceiling

equilibrium wage

efficiency of labour

At the point of equilibrium of firm under perfect competition

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MC curve must be rising

MC curve must be falling

MR curve must be rising

MR curve must be falling

When demand is perfectly elastic, an increase in supply will result in

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decrease in quantity sold

increase in quantity sold

fall in price

b and c above

Under perfect competition MR and AR curves

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are the same

are different

intersect each other

are parallel

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

Land, labour and capital are needed to produce goods. They are collectively called

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elements of production

factors of production

tools of production

cost of production

the term marginal in economics means

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unimportant

additional

the minimum unit

just barely passing

Money wages are also called

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Nominal Wages

Real wages

Gross wages

Net wages

An entrepreneur is a person who performs the dual function of risk-taking and control. This is the definition of

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Prof. Knight

Prof. Marshall

Prof. Robbins

Prof. Knees

The relationship between two variables that move in the same direction is called

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neutral

positive

independent

dependent

Initial utility of a product is :

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Highest

Lowest

Conatant

None of them

The talent of a professor is .

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National wealth

International wealth

Personal wealth

Non of them

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