Question # 1

To the economist, investment refers to

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sale of real estate

creation of new capital

purchase of a prize bond

decrease in inventories

Average cost and marginal cost curves in the short-run are:

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Quadratic function

Linear function

Cubic function

Log function

The position of the firm when it is earning maximum of profit and Profit = Total Revenue - Total cost are called

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Perfect competition

Under perfect competition

Equilibrium of firm

None of these

All non materials products which can satisfy human wants are called.

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Economic goods

Services

Non-economics goods

Services

Which of the following is NOT an input

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labour

entrepreneurship

natural resources

production

If the government supplies a product at a price less than the equilibrium price, it will create:

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Shortage

Surlius

Non of the two

Equilibrium quantity

Labour is hirable but you cannot hire

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capital

land

manager

entrepreneur

The shape of rectangular hyperbola is made by

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MC

AFC

AVC

TFC

The reward of their services cannot be fixed

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wage earner

rent receiver

interest receiver

profit earner

One of the following is an example of monopoly.

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Motorways

Pakistan railways

PIA

None of these

Who was the exponent of macro economics in recent times.

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Adam Smith

J.M. Keynes

Marshall

Maithus

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

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elastic

inelastic

very large

permanent

The minimum wage is an example of

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price floor

price ceiling

equilibrium wage

efficiency of labour

Members of a public limited company are elected by.

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Directors

Government

Financial institutions

Share holders

Which one is not doing an economic activity.

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One who is offering prayers.

One who works for wage.

One who rents out his property .

One who is an employee of Government

Scarcity means

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non availability of goods

high price of goods

less supply than demand

high profit of the firms

The sacrifice of an alternative use of resources to produce something is called its

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real cost

opportunity cost

sacrifice cost

alternative cost

The total quantity of a commodity available in or near the market which can be brought for sale at a short notice

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Stock

Supply

Demand

None of these

The supply of labour is based on the trade off between leisure and

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wealth

work

wages

price of product

Lowest point on the average cost curve in the long-run represents;

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Optimum factors combination

Maximum level of output

Maximum level of total revenue

None of the three

A monopolist is always interested and obtains.

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Normal profit

Subnormal profit

Continues production even at loss

Super normal profit

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