Question # 1

Demand is a function of

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price

quantity

supply

none

x = 5 y^-1 this is a.

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Constant function

Explicit function

Inverse function

Decreasing function

The supply of labour is based on the trade off between leisure and

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wealth

work

wages

price of product

Optimum population is defined by the economists as the level of population at which

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death rate equals birth rate

labour productivity is maximized

country achieves food self sufficiency

national income per head is maximesed

Goods which can satisfy human wants are.

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Consumer goods

Capital goods

Social goods

Public goods

Prof. Marshall thinks

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Economics studies national welfare

Economics studies personal welfare

Economics studies total welfare

Economics studies material welfare

The capital laying in the deposits of commercial bank is called.

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Domestic capital

Real capital

Foreign capital

Money capital

Different prices are charged from different customers of the same product. This is called.

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Short run price

Price instability

Price discrimination

Long run price

When MU is positive, TU

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increases

decreases

remains constant

is maximum

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

If demand has unit price elasticity, a change in price causes

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increase in total revenue

decrease in total revenue

no change in total revenue

indeterminate

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

The talent of a professor is .

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National wealth

International wealth

Personal wealth

Non of them

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

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

If the rate of inflation goes up, the real wags of labourers will :

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Increase

Decrease

Remain the same

Noe of the three

A positive statement

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concerns what is

is always accurate

deals with values and opinions

cannot be tested in the real world

Common market of SAARC countries will be called:

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International market

National market

Regional market

None of the three

Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called

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Law of Supply

Law of Demand

Law of equilibrium

None of these

Which is NOTtrue

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perfect monopoly does not exist in real world

perfect competition does not exist in real world

every monopoly is evil

every firm wants to reduce competition

Select the correct statement

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Economics affects politics

Economics affects history

Geography affects economics

all of the above are true

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