Question # 1

Human wants are

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one thousand

few

innumerable

countable

Law of equimarginal utility is also called.

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Law of substitution

Law of maximum social benefits

Law of economy

Law of maximum satisfaction

If the price of a product increase from Rs. 12 per unit and as a consequence quantity demand of the product falls from 100 units to 50 units . The price elasticity of the product will be.

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2.5

0.5

1.5

3.5

A mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called

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Market

Revenue curve

Contact

None of these

Factors of production are recently termed as.

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Output

Outly

Input

None of them

He cannot be unemployed

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policeman

beggar

mikman

bank officer

Marginal revenue products (MRP) curve falls when units of labour

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Remain constant

Decrease

Increase

None of the three

Under monopoly the price is always equal to:

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AR

MR

MC

AVC

The human effort applied to the production of goods is called in economics

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labour

skill

experience

services

A joint stock company has

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limited liability

unlimited liability

limited capital

unlimited capital

Income elasticity of demand for normal good is always

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1

more than one

negative

positive

Which of the following saying describes diminishing marginal returns in the short run?

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When the cat is away, the mouse will play

Too many cooks spoil the broth

A rolling stone gathers no moss

A stitch in time saves nine

If we know that quantities bought and sold are equal, we can conclude that

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quantities demanded and supplied are also equal

the market is in equilibrium

there will be no tendency for a price change

all of the above

A firm should shut down in the short run if it is not covering its

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variable cost

fixed cost

total cost

explicit cost

One of the following is fixed capital.

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Raw material

Defence saving certificate

Machinery

None f the three

If equilibrium price rises but equilibrium quantity remains unchanged, the cause is

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supply and demand both increase equally

supply and demand both decrease equally

supply decreases and demand increases

supply increases and demand decreases

Which one is the third stage of production under law of variable proportions

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Decreasing average returns

Increasing average return

Negative marginal return

Increasing marginal return

Gross profit does NOT include

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rent of his own land

interest of his own capital

pure profit

taxes

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

Which is a condition for existence of monopoly

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big size

identical product

absence of government taxes

no close substitute

Normally MR curve intersects MC curve at points

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1

2

3

4

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