Question # 1

When the supply curve of a product is parallel to the vertical axis, it would mean that;

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Different quantities of a product are supplied at the same price.

Different quantities of a product are supplied at different price.

Same quantities of a product are supplied at different price.

None of three

The product which have close substitute their demand is always.

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More elastic

Perfectly elastic

Perfectly inelastic

Less elastic

One of the following is not land.

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Sui gas

Electric power

Atlantic Ocean`

A river

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

Normally a demand curve will have the shape

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horizontal

vertical

downward sloping

upward sloping

As output increase, one of the following costs will also increase:

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Marginal cost

Average cost

Variable cost

Fixed cost

Law of demand shows relation between

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income and price of commodity

price and quantity of a commodity

income and quantity demanded

quantity demanded and quantity supplied

In case of perfectly elastic demand curve, the demand curve will be parallel to the.

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Horizontal Axis

Vertical Axis

None of the above

Which statement is true?

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Economics is a physical and normative science

Economics is a social and natural science

Economics is physical and positive science

Economics is a social and normative science

A public corporation comes into existence by means

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registration under the Companies Act

Act of parliament

decision by the shareholders

registration with the Stock Exchange

According to Ricardo rents are high because prices of produce of land are

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high

low

constant

none of the above

For production of goods we need factors

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few

2

4

unlimited

Which of the following markets comes closest to perfect market

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wheat market

cigarette market

cold drinks market

stock market

Which one can cause a change in demand

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change in income

change in supply

change in tastes

a and c of above

Wealth of nations

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is another name for united nations

is name of a book

indicates total wealth of rich countries

contains formulas to earn wealth

Marginal revenue products (MRP) curve falls when units of labour

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Remain constant

Decrease

Increase

None of the three

With a fixed in the market period, if the demand of a product rises, then:

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Price will fall

Price will rise

Price will remain the same

None of the three

MRP curve of a factor represents the.

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Supply curve of the factor

Demand curve of the factor

Either demand or supply curve of the factor

None of the three

The concept of differential rent is given by.

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Marshall

David Ricardo

Hobson

Robbins

Long run cost curves can be termed as.

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V-shaped

U-shaped

Oval-shaped

Dish-shaped

Wit rapid economic growth in a country the individual demand curve will:

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Rise

Fall

Extend

Contract

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