Question # 1

These are kinds of rent EXCEPT

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differential rent

scarcity rent

mobility rent

location rent

He prepares the initial plan of the business

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capitalist

manager

entrepreneur

officer

Compare with monopoly price, the competitive price ids always:

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Less than monopoly price

More than monopoly pruce

Equal to monopoly price

Non of the three

The elasticity of demand of durable goods is

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less than unity

greater than unity

equal to unity

zero

Who was the founder of classical school of thought?

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Adam Smith

Marshall

Keynes

Maithus

At the point of equilibrium of firm under perfect competition

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MC curve must be rising

MC curve must be falling

MR curve must be rising

MR curve must be falling

The three broad types of productive resources are

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money, profit and interest

capital, labour and natural resources

labour, stock shares and deposits

technology, landl and markets

Constant are represented by symbol

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C

V

P

U

Three basic economics problems are

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what, how and for whom

why, where and when

what, which and how much

what, which and why

Which one is the small scale production.

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Bata shoe factory

A barber shop

kohinoor Textile Industries

Sufi soap

Pollution which is side effect of producing or consuming something and which is not taken into account by producers and sellers is called

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externality

wastage

extra cost

opportunity 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

Total utility is maximised when.

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Marginal utility is zero

Marginal utility falls

Marginal utility rises

Non of the above

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

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1776

1998

1931

1936

To the economist, investment refers to

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sale of real estate

creation of new capital

purchase of a prize bond

decrease in inventories

If marginal product of labour rises because of new technology

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wages will rise

wages will fall

wages will be unaffected

may raise or fall

How many merits of organization in text book

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7

8

9

10

When price is fixed below equilibrium level, there will be

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surplus commodity in the market

shortage of commodity in the market

supply curve will shift

demand curve will shift

Which on of the following represents fixed cost:

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Price of raw material

Wages

Interests on loan

Rent of land

The difference between iron ore deposits and the steel produced illustrates the difference between

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labour and natural resources

labour and capital

natural resources and capital

natural resources and entrepreneurship

Short run cost curves are.

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v-shaped

Dish-shaped

U-shaped

L-shaped

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