Question # 1

Which of the following is correct with respect to resources

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Money is a capital good

Human skills are a labour input

Entrepreneur is part of the labour input

Natural resources include human input

Interest is paid because

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capital is scarce

capital is productive

capital is attractive

a and b of above

TC

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starts from origin

not from origin

is parallel to y-axis

parallel to x- axis

Estimate of Pakistan's population for 2013 is

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185 million

285 million

385 million

485 million

According to law of diminishing marginal utilities , a consumer maximises his total utility where.

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MU_a = MP_a

MU_a = AU_a

MU_a = TC_a

MU_a = P_a

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

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high

low

constant

none of the above

One of the following is not an assumption of law of supply.

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Political system should not changed

Cost of production should not changed

Production technique should not changed

Cost of raw material should not changed

What best explains a shift in market supply curve to the right?

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an advertising campaign is successful in promoting the good

a new technique makes it cheaper to produce the good

the government introduces a tax on the good

the price of raw materials increases

The total quantity of a commodity available in or near the market which can be brought for sale at a short notice

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Stock

Supply

Demand

None of these

Long run average cost curve is :

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U shaped

L shaped

Dish shaped

None of the three

One of the following can be registered in a stock exchange.

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Business under partnership

Cooperative society

Join stock company

Sole proprietorship

He described economics as a science of material welfare

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Robbins

Marshall

Ricardo

Keyness

According to law of equi-marginal utility a consumer will maximises his total utility when

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He spends all his income on the product only

He spends more on one and less on the other

Marginal utility of the two goods are equalised

Not only the marginals utility of the two goods are equalised, but also the marginal utility of each good is equal to its price.

The quantities of a commodity offered for sale at different prices during a given period of time are called

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Supply

Demand

Stock

None of these

In the long run under perfect competition a firm produces at a point where

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LAC is minimum

SAC is minimum

both LAC and SAC are minimum

none is minimum

Which statement relates to macroeconomics

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Oil prices are rising in Pakistan

Profit rate is high in textile industry

The firms try to make huge profits

The government had failed to control inflation

The demand of a good falls when.

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Its price falls

Price of the substitute changes

its price rises

It price remain constant

Economic laws can be define as .

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A statement of social behaviour

Laws implement by an executive

Laws of the state

Statement of general economic tendencies

Gross profit does NOT include

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rent of his own land

interest of his own capital

pure profit

taxes

Land as used in economics

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is a free gift of nature

is unlimited in quantity

is not hirable

excludes oceans

Which one is not doing an economic activity.

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One who is offering prayers.

One who works for wage.

One who rents out his property .

One who is an employee of Government

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