Question # 1

MRP curve of a firm represent demand curve of industry under.

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Imperfect compitition

Monolopy

Oligopoly

Perfect competition

What best explains a shift in market supply curve to the right?

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an advertising campaign is successful in promoting the good

a new technique makes it cheaper to produce the good

the government introduces a tax on the good

the price of raw materials increases

Pollution which is side effect of producing or consuming something and which is not taken into account by producers and sellers is called

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externality

wastage

extra cost

opportunity cost

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.

The slopes of average and marginal products curves are always zero under:

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Law of increasing returns

Law of diminishing returns

Law of constant returns

Law of variable propoitions

One of the following will not be the income of a person.

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Wages

Profit

Sccholarship

Salary

In case of a fall in supply.

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Quantity supplied falls at the same price.

Quantity supplied rises at the same price.

Quantity supplied remain at the lower price.

None of the three

Commercial economics are a pat of:

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Internal economics

External economics

Economies of scale

None of the three

With a fall in price quantity demand changes in such a way that total expenditure of the consumer remain constant, elasticity of demand will be.

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Equal to unity

Greater than unity

Less than unity

Equal to zero

A firms reaches its shut down point where:

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AC > AR

AC = AR

AC< AR

AVC = AR

He presented a theory of rent

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Malthus

Allama Iqbal

Ricardo

Marshall

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

Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called

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Law of Supply

Law of Demand

Law of equilibrium

None of these

Cross elasticity of Suzuki and Honda cars will be

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Positive

negative

zero

infinite

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

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Adam Smith

Carlyle and Ruskin

Alfred Marshall

Malthus

Efficiency of labour is not affected by

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attitude of worker

attitude of employer

attitude of wife/husband

all affect

The minimum wage is an example of

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price floor

price ceiling

equilibrium wage

efficiency of labour

Some economists say that profit earner is a kind of

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rent receiver

interest receiver

wage earner

govt. officer

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

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Rise

Fall

Extend

Contract

A rise in supply and demand in equal proportion will result in

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increase in equilibrium price and decrease in equilibrium quantity

decreases in equilibrium price and increases in equilibrium quantity

no change in equilibrium price and increases in equilibrium quantity

increases in equilibrium price and no change in equilibrium quantity

Marginal revenue recommended by symbol

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MR

MC

AR

None of these

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