Question # 1

Which of the following is NOT capital as economists use the term

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an office building

machinery in a factory

an industrial robot

money

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

A monopoly market can be controlled by.

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Fixing of the price by the government

Administrative measures

Introduction of substitutes

Nationalisation

The concept of internal and external economics was given by.

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Adam Smith

Robbins

J.M.Keynes

Alfred Marshall

How many various form of partnership

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3

4

5

6

A firm decides to exit the industry when

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AC starts rising

MC starts rising

price is less than LAC

TC starts rising

Economics laws are

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exact

approximate

brief

definite

As out put increases, AC curve

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falls

rises

remains constant

all of the above

Common market of SAARC countries will be called:

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International market

National market

Regional market

None of the three

Which of the following is capital

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tractor

TV station

tarbela dam

all of the three

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

In factor market, which statement is true

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wages are determined by MP

Rent is fixed by landlords

interest rate is determined by Govt.

profit is determined by luck

Profits

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are lower in the long run than in the short run

can be negative

are less in perfect competition than in monopoly

all of the above

Land is

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hirable

not hirable

homogeneous

a form of capital

When average product falls marginal product

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Rises

Also falls

Remain equal to average product

Does not change

A contour line which slopes downward from left to right and yield equal level of satisfaction to consumer with the given income is.

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Negatively slop curve

An indifference curve

Positively sloped Curve

None of the above

A firm attains equilibrium under monopoly where:

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AR = MR

AC = MC

MR = MC

AR = AC

The minimum wage is an example of

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price floor

price ceiling

equilibrium wage

efficiency of labour

The position of the firm when it is earning maximum of profit and Profit = Total Revenue - Total cost are called

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Perfect competition

Under perfect competition

Equilibrium of firm

None of these

A statement of how one variable affects other variable is

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a quadrant

a variable

an assumption

a functional relationship

When a competitive firm faces loss the slop of its MR curve is:

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Negative

Positive

Zero

Unity

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