Question # 1

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

Which is true

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capital depreciates

capital is primary factor of production

capital in not hireable

human capital is real capital

Specialization of labour has the advantage.

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increased production

introduction of new technology

increases in self-sufficiency

a and b of above

The products which are not priced in the market are called .

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Economic goods

Non-economic goods

Merit goods

Social goods

The maximum number of parteners in a partnership is .

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20

30

15

18

Products A and B are substitutes whereas A and C are complement. With a rise in the price of product A, quantity demand of:

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Product B will go up

Product will fall

Both the above will take place

Nothing will take place

Market Price of Perishable

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Commodities

Utility

Consumer

None of these

A rise in supply and demand in equal proportion will result in

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increase in equilibrium price and decrease in equilibrium quantity

decreases in equilibrium price and increases in equilibrium quantity

no change in equilibrium price and increases in equilibrium quantity

increases in equilibrium price and no change in equilibrium quantity

Extension of supply will take place as a consequence of:

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Change in price

Change in population

Change in technology

Change in money supply

Profits

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are residual payment

are pre-detemined

are fixed by contract

are always higher than wages

According to Malthus, population increase by

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arithmetic progression

geometric progression

systematic progression

automatic progression

Land as used in economics

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is a free gift of nature

is unlimited in quantity

is not hirable

excludes oceans

All factors of productions are variable in the:

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Marked period

Short period

long period

None of the three

Economic principle are also called

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economic law

economic theory

economic model

all of the above

Who criticized economics as "dismal Science".

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Alfred Marshall

Lionel Robbins

Carlyle and Ruskin

J.M. Keynes.

Common market of SAARC countries will be called:

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International market

National market

Regional market

None of the three

Normal profit is

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part of total cost

part of economic profit

part of fixed cost

total revenue minus total cost

Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is

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a shortage

a surplus

excess supply

loss

A competitive firm is in equilibrium in the long-run where:

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ME = AR = LMC = P

MR = AR = LMC = LAC

MR < AR = LMC <LAC

None of the three

The basic economic problem to all societies is

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elimination of scarcity

what how and for whom to produce

equal distribution of wealth

to develop agriculture

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

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