Question # 1

One of the following is not a characteristics of economic laws.

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Economic laws lack exactitude

Economic laws lack predictability

They are not universa!

They are not optional

All factors of production are substitutable with each other. it is held by:

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Wicksteed

Hicks

Pareto

Land is mobile factor of production.

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Not mobile

Mobile by the transfer ownership

Geographically mobile

Mobile vertically

The transformation of resources into economic gods and services is

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input

production

entrepreneur

market

When price elasticity of demand for normal goods in calculated, the value is always

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positive

negative

constant

greater than one

Which of the following input factor takes risk, innovates and coordinates

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capital

labour

productivity

entrepreneur

Short run cost curves are.

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v-shaped

Dish-shaped

U-shaped

L-shaped

q = 4 + 2P it is a functional equation of.

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Demand

Supply

Equilibrium of demand as supply

None of the three

As output increase, one of the following costs will also increase:

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Marginal cost

Average cost

Variable cost

Fixed cost

Land as used in economics

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is a free gift of nature

is unlimited in quantity

is not hirable

excludes oceans

One of the following is not assumption of the marginal productivity theory.

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All factors of production are present substitutes of each other.

Law of increasing return applies in the production process.

There is perfect mobility of factor of production

Units of each factors of production are identical

The market of cars is.

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International market

Regional market

Local market

Domestic market

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

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Rise

Fall

Extend

Contract

Basic economic problem is

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inflation

unemployment

scarcity

lack of money

Wealth of nations

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is another name for united nations

is name of a book

indicates total wealth of rich countries

contains formulas to earn wealth

If marginal product of labour rises because of new technology

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wages will rise

wages will fall

wages will be unaffected

may raise or fall

This is a tool in economic studies

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market

price

firm

functional relation

A consumer in equilibrium when marginal utilities are

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minimum

highest

equal

increasing

In case of perfectly elastic demand curve, the demand curve will be parallel to the.

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Horizontal Axis

Vertical Axis

None of the above

A public limited company is run by

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board of governors

board of managers

board of advisor's

board of directors

Labour intensive technique of production means.

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More labour and less capital

Less labour and more capital

More labour and no land

More land and no labour

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