Question # 1

Marginal land or no rent land is the land which:

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Covers the cost of productions only

Determines rent of the superiorlands

Both a & b

None of the three

During a particular year farmers experienced a dry weather, if all other factors remain constant, farmers supply curve for wheat will shift to

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rightward

leftward

downward

no direction

Extent of market mainly depends upon.

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Availability of means of transport and communication

Nature of supply

Government restriction

Perishable goods

A product which has value price in the market has.

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Utility

Scarcity

Transferability

All the three

The government constructed a new water reservoir for the purpose of irrigation; this might be taken as

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increase in supply of capital

increase in supply of land

increase in supply of land and supply of capital

none of these

Normally a demand curve will have the shape

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horizontal

vertical

downward sloping

upward sloping

Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is

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10%

30%

3

1/3

Productivity of labour can be increased by

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raising minimum wages

reducing profits

increasing skills of workers

punishing absentee workers

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

Who is unemployed

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housewife

college student

a peer who lives on gifts from mureeds

a freshly graduated engineer who is searching for a job

Labour is hirable but you cannot hire

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capital

land

manager

entrepreneur

One of the following will not be capital.

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Mchinery

Means of communication

Water falls

Means of transportation

Quasi rent can be obtained if:

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Supply of factor other than land, is temporarily fixed

There is difference in the fertility of land

The government legislate on it

Trade unions protest for it

How many types of organization

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5

6

7

8

In Pakistan rate of labour participation is

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13%

23%

33%

43%

Excise tax is a part of

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fixed cost

variable cost

implicit cost

in not a part of cost

When MP curve cuts AP curve, the AP is at its.

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Lowest point

Highest point

Neither of the two

Eighter of the two

Which laws are implemented with an executive authority .

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Economic laws

Moral laws

State laws

Physical laws

Which is NOT a cause of shift in cost curves of a frim

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excise tax

prices of inputs

increase in productivity

price of product

Mobility of labour can be promoted by.

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Health

Better rewards

Immigration

Information media

When a competitive firm achieves long run equilibrium then

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P= MC

MR = MC

P = ATC

all of the above

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