Question # 1

WAPDA is a

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public corporation

public company

private company

partnership

Efficiency of land can be promoted by.

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Means of communication

Fertility of land

Climate condition

Quality of other factors

One of the following is not a characteristics of economic laws.

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Economic laws lack exactitude

Economic laws lack predictability

They are not universa!

They are not optional

A firm should shut down in the short run if it is not covering its

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variable cost

fixed cost

total cost

explicit cost

If the supply of land is assumed to be perfectly inelastic which of the following rent will it yield.

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Scarcity rent

Differential rent

Quasi rent

Scarcity rent

With an increase in the supply of labour wage rate will:

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Fall

Increase

Remain constant

None of the three

The human effort applied to the production of goods is called in economics

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labour

skill

experience

services

A monopoly generally

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allocates resources in a socially optimal way

encourages greater income equality

encourages greater efficiency

produces less quantity than the quantity which minimies average cost

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

It describes the law of supply

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supply curve

supply schedule

supply equation

all the three

One of the following is not a part of macro economics.

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Public finance

International trade.

Consumer behaviour.

National income.

Which on of the following represents fixed cost:

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Price of raw material

Wages

Interests on loan

Rent of land

Who was the exponent of welfare economics.

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Alfred Marshall.

Adam smith.

Lionel Robbins

J.M. Keynes.

This is the assumption of law of demand

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price of the commodity should not change

Quantity demanded should not change

Price of substitutes should not change

Demand curve must be linear

According to Malthus, population increase by

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arithmetic progression

geometric progression

systematic progression

automatic progression

The demand curve slopes downward from left to right because of:

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Income effect

Substitution effect

Entry of new buyers

All of the above

The proportion of rural population in Pakistan is:

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68%

70%

72%

74%

Which type of problems are brought under discussion in micro economics .

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Consumer's behaviour

International trade

Balance of payment

Public finance

These are kinds of rent EXCEPT

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differential rent

scarcity rent

mobility rent

location rent

Assumptions of a law are called:

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Constant

Parameters

Variables

Dependent variable

One of the following will not be capital.

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Mchinery

Means of communication

Water falls

Means of transportation

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