Question # 1

Laws of return apply to firms working in

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perfect competition

monopoly

small firm

all kinds of market situations

In factor market, which statement is true

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wages are determined by MP

Rent is fixed by landlords

interest rate is determined by Govt.

profit is determined by luck

The method to measure the elasticity of demand by the unitary method was introduced by.

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Alfred Marshall

Robbins

Adam Smith

Malthus

Which on of the following represents fixed cost:

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Price of raw material

Wages

Interests on loan

Rent of land

There are large number of seller and buyers in the market but none is able to influence market price. such a market is called

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free

open

regular

competitive

The concept of perfect competition was introduced by.

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Adam Smith

Alfred Marshall

Keynes

Malthus

The necessary condition for equilibrium position of a firm is

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MC > MR

MC > price

MC = MR

MC = AC

Who criticized economics as "dismal Science".

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Alfred Marshall

Lionel Robbins

Carlyle and Ruskin

J.M. Keynes.

The word "LIMITED" at the end of a firm's name means

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it produces only commodity

has limited capital

cannot have more than 100 members

shareholders liability to pay debt of firm cannot exceed value of their investment

Who introduced indifference curves to explain consumer's beghavior

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J.R Hicks

Marshall

Robbins

Adam Smith

Extent of market mainly depends upon.

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Availability of means of transport and communication

Nature of supply

Government restriction

Perishable goods

Qd = 50 - 5P people will demand 50 when price of the product is:

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Very high

Very low

Zero

Unity

According to Alfred Marshall, Economics should be taken as:

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Positive economics

Normative economics

Welfare economics

Applied economics

Under marginal productivity theory, reward for labour is determined by

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owner

government

labour

marginal product

Money wages are also called

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Nominal Wages

Real wages

Gross wages

Net wages

Different kinds of imperfect competition are.

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Monopoly

Monopolistic competition

Oligopoly

All the three

Which of the following is NOT an input

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labour

entrepreneurship

natural resources

production

Which one is the assumption of law of demand?

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price of the commodity should not change

quantity demand should not change

income of the consumer should not change

none of the above

Perfect competition is a situation of market, where there are very large number of firms selling the same commodity are called

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Revenue curve under perfect competition

Monopoly curve

Total revenue curve

None of these

Under monopoly the price is always equal to:

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AR

MR

MC

AVC

Risks in the business arise because of

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introduction of the new products

uncertain policy of rival firms

changes in tastes

all the above

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