Question # 1

The purchasing power of money alongwith the fringe benefits for a labour will detemine his/her:

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Nominal wage

Gross wage

Real wage

Net wage

.Which one is not an economic want.

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Want for food

Want to be a doctor

Want to fall in love

Non of the above

Sometimes the supply curve of labour bends

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downward

upward

backward

firstly upward and then downward

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

One of the following is not assumption of the marginal productivity theory.

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All factors of production are present substitutes of each other.

Law of increasing return applies in the production process.

There is perfect mobility of factor of production

Units of each factors of production are identical

If a firm shuts down temporarily, it will incur loss equal to

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AFC

AVC

TFC

TVC

Members of business partnership in Pakistan are:

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2 to 20

5 to 20

2 to 25

2 to 3

A joint stock company has

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limited liability

unlimited liability

limited capital

unlimited capital

One of the following is fixed capital.

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Raw material

Defence saving certificate

Machinery

None f the three

About labour we can say with certainty that it is

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Perishable

Hirable

Reliable

all of the above

A statement of how one variable affects other variable is

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a quadrant

a variable

an assumption

a functional relationship

Marginal utility of a product is the utility obtained by consuming.

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First unit of consummption

Each additional unit of consumption

Last unit of consumption

None of the them

Loinel Robbins wrote a book entitled "Nature and Significance of economic science" in.

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1776

1998

1931

1936

A seller can increase his sales revenue by charging a lower price, if the demand has

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e < 1

e = 1

e > 1

e = 0

Given the supply curve, a fall in demand will.

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Increase equilibrium quantity of the product

Decrease equilibrium quantity of the product

Not affect equilibrium quantity

Not affect equilibrium price

Economic principle are also called

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economic law

economic theory

economic model

all of the above

Economies of scale

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occur when increase in input less than proportionate increase in output

suggest that firm's marginal cost curve lies above its average cost curve

suggest that the firm's marginal cost curve is declining

occur when average cost is falling

We establish ______ conditions for equilibrium

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2

3

4

5

The maintain social status in life, a person requires.

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Bare necessities of life

Comforts of life

Luxuries of life

All of them

Choose the correct condition of equilibrium of firm

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MC = MR

MC curve cuts MR curve from below

Both a and b

MC + MR - AR

This is NOT the result of specialization

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increased production

improvement in quality of product

increase in cost of production

increase in trade

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