Question # 1

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

Who was the exponent of welfare economics.

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Alfred Marshall.

Adam smith.

Lionel Robbins

J.M. Keynes.

Economics laws

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must be followed

are hated by people

show economic behavior of people

are unscientific

The cost which a firm incurs for purchasing or hiring factors is called

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implicit

explicit

real

basic

If the rate of inflation goes up, the real wags of labourers will :

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Increase

Decrease

Remain the same

Noe of the three

If demand has unit price elasticity, a change in price causes

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increase in total revenue

decrease in total revenue

no change in total revenue

indeterminate

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

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Rise

Fall

Extend

Contract

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

One of the following is gift of a nature .

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Land

Labour

Capital

Organization

Equilibrium

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is a state that can never be achieved in economics

is an important idea for predicting economics changes

is a stable condition

is an unstable condition

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

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

Total utility is maximised when.

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Marginal utility is zero

Marginal utility falls

Marginal utility rises

Non of the above

Everyone should study economics is a

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positive statement

normative statement

true statement

nonsense

When both demand and supply fall in equal proportions, price of the product will .

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Fall

Rise

Remain the same

None of the above

Factors of production are recently termed as.

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Output

Outly

Input

None of them

A monopoly market can be controlled by.

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Fixing of the price by the government

Administrative measures

Introduction of substitutes

Nationalisation

In the second stage of the law of variable of proportions the average product:

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Rises

Remains constant

Falls

None of the three

The submit the plan to the Registrar of Joint Stock Companies along with ______ documents

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Two

Three

Four

Five

With an increase in cost of production, price of the product rises while supply of the product will.

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Fall

Rise

Remain unchanged

Non of the three

The product which have close substitute their demand is always.

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More elastic

Perfectly elastic

Perfectly inelastic

Less elastic

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