Question # 1

Efficiency of labour is not affected by

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attitude of worker

attitude of employer

attitude of wife/husband

all affect

According to Alfred Marshall, Economics should be taken as:

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Positive economics

Normative economics

Welfare economics

Applied economics

Economics problems arise because of

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greed

scarcity

dishonesty

laziness

Equilibrium price of a product is determined by:

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The gomverment

An industrialist

Market competition

An agriculturist

A person who contributes funds in partnership but does not take active part in management of business is called

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sleeping partner

helping partner

temporary partner

inactive partner

When cross elasticity of demand for A and B is positive number, one can conclude that

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the goods are cheaper

the goods are inferior

the goods are substitutes

the goods are complements

Natural environment that supports production of goods and services is included in

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labour

money

capital

land

Economics

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is more important than mathematics

is a social science

should be made compulsory for every student

is difficult to study

These are kinds of capital EXCEPT

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fixed capital

expensive capital

working capital

real capital

He said interest is payment for use of money

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Adam Smith

Ricardo

Keynes

Marshall

Increasing the minimum wage for workers will

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solve the unemployment problem

result in scarcity of workers

cause substitution of capital for labour

decreases the MP of those workers

Micro economics concentrates

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on inflation

international economics relations

individual economics units

economics development of Pakistan

Variable cost of production are also called.

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Fixed cost

Supplementary cost

Total variable cost

Prime cost

The correlation between average wage (AW) and marginal wage (MW) under perfect competition is .

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AW = MW

AW > MW

AW < MW

None of the three

Markets where firms supply goods and services demanded by households are

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factor market

product market

open markets

resource markets

An economic unit, which is independent to take decisions regarding the production and sale of goods are called

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Firm

Organization

Both a and b

None of these

Law of diminishing marginal utility provides basis for:

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Law of demand

Law of supply

Laws of returns

Law of variable proportions

The utility of durable consumer goods.

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Diminishes with the passage of time

Perishes, if not used

Can be obtained constantly

None of the three

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

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 concept of perfect competition was introduced by.

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Adam Smith

Alfred Marshall

Keynes

Malthus

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