Question # 1

Assumptions of a law are called:

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Constant

Parameters

Variables

Dependent variable

The market of refrigerators in general is called:

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Domestic market

Local market

International market

National market

They are included in labour expect

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college principle

professors

office clerk

students

Which of the following is a producer good

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pen

cycle

mobile phone

hammer

Which of the following is a demand function?

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Q + 4P = 20

Q = 35 + 3P

Q - 2P - 15 =0

5P - Q = 4

Which is true

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labour produces land

land produces labour

labour produces capital

capital produces labour

Law of decreasing returns generates

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law of economic growth

law of increasing costs

law of variable costs

law of decreasing costs

Production of wealth means:

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Driving a taxi

Teaching a daughter

A doctor serving his wife

All the three

Which is true

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capital depreciates

capital is primary factor of production

capital in not hireable

human capital is real capital

The following is NOTa factor of production

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labour

entrepreneurship

land

money

In monopoly at various output levels

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AR = MR

AR < MR

AR > MR

AR and MR curves are parallel

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

One of the following will not cause a rise and fall on demand.

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Change in income

Change in weather

Discovery of a substitute

Distribution of income remaining the same

Which one of the following is a functional equation of demand:

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Q - 20 + 2P = 0

Q - 3 - 3P = 0

Q + -2P = 0

None of 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

If the price of a product rises, quantity demand if its substitute will.

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Fall

Rise

Remain unchanged

Fluctuate

Which of the following factors takes risk, innovates and coordinates

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capital

labour

bank

entrepreneur

In the long-run a competitive firms attains only:

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Normal profit

Super Normal profit

Sub-Normal profit

Marginal cost

A ______ is something which is measurable and can take on different values

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Variable

Constant

Both a and b

None of these

When marginal utility of a product is zero its total utility will be.

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Increase

Decreasing

Maximum

Constant

For production of goods we need factors

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few

2

4

unlimited

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