Question # 1

Marginal revenue is always less than price at all levels of output in

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perfect competition

monopoly

both A and B

none of the above

Union leaders are in better position bargain for higher wages if demand for labour is

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elastic

inelastic

very large

permanent

When labourers do not get jobs according to their qualification it will be :

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Unemployment

Under employment

Disguised unemployment

None of the three

Trade Unions in Pakistan are unable to get an increase in wage rates because of :

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Minimum wage law

Low labour efficiency

Capital intensive projects

Lack of Natural resources

The law of demand will not be apply in case of

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Inferior goods

Superior goods

Normal goods

Non of them

______ 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

Adam Smith wrote a book entitled "An enquiry into the nature and causes of wealth of nation" in.

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1784

1792

1776

1796

Different kinds of imperfect competition are.

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Monopoly

Monopolistic competition

Oligopoly

All the three

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

A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called.

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Supply of output

Production

Buffer stock

Stock

The supply price of land is considered to be zero because .`

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Its supply is limited

Its supply is infinity

In aggregate sense its cost of production s zero

Its demand is limited

Demands and supply curves cross at

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always at 60 degree

at 90 degree

at equal angle

at any angle

A positive statement

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concerns what is

is always accurate

deals with values and opinions

cannot be tested in the real world

Robbins definition of economics spell out the existence of

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Economics problem

Social problem

Political problem

Moral problem

Economic development of a country requires

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skilled lobour

diplomacy

abundant natural resources

a and c of aboce

Standard of living of a country can be raised if it increases

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labour force

production

money supply

exports

According to law of equi-marginal utility a consumer will maximises his total utility when

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He spends all his income on the product only

He spends more on one and less on the other

Marginal utility of the two goods are equalised

Not only the marginals utility of the two goods are equalised, but also the marginal utility of each good is equal to its price.

Supply of a commodity means

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willingness to sell a certain quantity

physical stocks available

planned production

total production in a given period

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

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Negative

Positive

Zero

Unity

If elasticity of demand is very low it shows that the commodity is

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a necessity

a luxury

has little importance in total budget

a and c above

The composite demand for a product is generally:

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Elastic

Inelastic

Equal to unity

Equal to zero

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