Question # 1

If the supply of land is assumed to be perfectly inelastic which of the following rent will it yield.

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Scarcity rent

Differential rent

Quasi rent

Scarcity rent

Economics problems arise because of

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greed

scarcity

dishonesty

laziness

x = f (y).

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x is a dependent variable.

y is a dependent variables

x and y are dependents variables.

None of the three

Under perfect competition, demand for a factor is its

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MRP curve

ARP curve

TRP curve

TR - TC

Members of a public limited company in Pakistan are.

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5 to 50

10 to 100

7 to any number

only 5

______ is a science which is concerned with the collection, presentation, and interpretation of numerical data

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Statistics

Economics analysis

Function

None of these

Wealth of Nations was written in

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1976

1876

1776

1676

Members of business partnership in Pakistan are:

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2 to 20

5 to 20

2 to 25

2 to 3

Who said that "Economics is a science of human welfare"

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Adam Smith

Carlyle and Ruskin

Alfred Marshall

Malthus

When the supply curve of a product is parallel to the vertical axis, it would mean that;

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Different quantities of a product are supplied at the same price.

Different quantities of a product are supplied at different price.

Same quantities of a product are supplied at different price.

None of three

One of the following is fixed capital.

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Raw material

Defence saving certificate

Machinery

None f the three

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

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Fall

Rise

Not change

Change

Intensive cultivation means.

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Extending land for cultivation

Use of more input at the same land

More input and more land to be used`

More land and less labour to be used

The sacrifice of an alternative use of resources to produce something is called its

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real cost

opportunity cost

sacrifice cost

alternative cost

Diminishing marginal utility is the basis of

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law of supply

law of demand

laws of returns

none of the above

In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then

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price will fall

price remains same

price will rise

quantity rises

Price elastic of demand measures

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change in price caused by changes in demand

the rate of change of sales

the responsiveness of demand to price changes

the value of sales at a given price

The supply of perishable goods is.

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Elastic

Inelastic

Perfectly elastic

None of the above

Utility is most closely related to the term

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useful

useless

necessary

satisfaction

Factors of production are recently termed as.

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Output

Outly

Input

None of them

The price of an non-economic good is:

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Very low

Very high

Zero

Negative

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