Question # 1

When demand is perfectly elastic, an increase in supply will result in

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decrease in quantity sold

increase in quantity sold

fall in price

b and c above

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

Land means

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sea

surface of earth

natural forests

all natural resources

Variable cost of production are also called.

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Fixed cost

Supplementary cost

Total variable cost

Prime cost

Normal profit is attained where:

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TR = TC

TR >TC

AR > MR

AR < MR

The rent which is paid in the short run due to perfectly inelastic supply of a factor is known as.

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Deffertial rent

Economic rent

Quasi rent

Scarcity rent

One of the following does not represent imperfect competition.

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Day to day market

Monopoly

Duopoly

Monopolistic Competition

The good which are used to produce more goods are.``

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Social goods

Capital goods

Consumer goods

Public goods

Which is the general form of quadratic equation

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x²-x-20 = 0

ax²+bx +c = 0

x²- x -c =0

None of these

Validity of economics theories can never be proved with 100 percent certainty, because

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ceteris paribus clause

limited number of observation is possible

very large number of economic theories proved false in the past

b and c

When marginal is negative, it must be true that

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the average is negative

the average is decreasing

the total is negative

the total is decreasing

Sometimes the supply curve of labour bends

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downward

upward

backward

firstly upward and then downward

The law of demand will not be apply in case of

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Inferior goods

Superior goods

Normal goods

Non of them

Different kinds of imperfect competition are.

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Monopoly

Monopolistic competition

Oligopoly

All the three

Rice mill is a :

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Fixed capital

Floating capital

Sunk capital

None of the three

Prof. Robins wrote a book in 1931 entitled.

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General Theory of employment. Interest and money.

An inquiry into the nature and causes of wealth of nations.

Principle of economics.

Nature and Significance of economic science.

A change in price brings in quantity supplied. it will be.

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Rise in supply

Contraction of supply

Fall in supply

Extension of supply

When the price of a product increase by 100 percent and as a consequence, its quantity supplied increase by 125 percent, Its elasticity of supply will be.

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Less than unity

Greater than unity

Equal to unity

Equal to zero

The transformation of resources into economic gods and services is

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input

production

entrepreneur

market

One of the following can be registered in a stock exchange.

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Business under partnership

Cooperative society

Join stock company

Sole proprietorship

In May 2012, firm was supplying 1000 kg of sugar at market price of Rs. 60/- per kg. During June 2012, firm's supply of sugar had decreased to 900 kg at price Rs. 40/- per kg. These changes show that supply of sugar is

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Perfectly elastic

Perfectly inelastic

Less elastic

More elastic

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