Question # 1

A product which has value price in the market has.

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Utility

Scarcity

Transferability

All the three

The method to measure the elasticity of demand is :

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Percentage method

Total outlay approach

Geometric approch

All the three

Economics laws are:

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Statements of tendencies in economic behaviour

Unrealistic to deal with real economic problems.

Absolute and certain like the laws of physical science

Used to forecast the growth rate of an economy.

Who criticized economics as "dismal Science".

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Alfred Marshall

Lionel Robbins

Carlyle and Ruskin

J.M. Keynes.

Long run average cost curve is :

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U shaped

L shaped

Dish shaped

None of the three

Net rent is also called.

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Different rent

Quasi rent

Scarcity rent

Economic rent

Law of diminishing returns applies more in:

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Industry

Agriculture

Mining

Construction

Total cost = Total variable cost in the.

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Marked period

Short run

Long run

None of the three

A firm attains equilibrium under monopoly if:

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MC curve intersect MR curve from below. MC = AC = MR

MC curve intersects MR from above

Any one of the above situations

AR = MR

With a fall in the price of a Giffen good or inferior good its quantity demand will.

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Fall

Rise

Remain unchanged

None of three

How many kinds of equations?

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4

3

2

5

Profits

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are lower in the long run than in the short run

can be negative

are less in perfect competition than in monopoly

all of the above

If we plot the equation y = 20 +3x, its slope is

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20

3

20/3

Indeterminate

Which is true

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labour produces land

land produces labour

labour produces capital

capital produces labour

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

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Public finance

International trade.

Consumer behaviour.

National income.

The reward of their services cannot be fixed

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wage earner

rent receiver

interest receiver

profit earner

With a fall in price quantity demand changes in such a way that total expenditure of the consumer remain constant, elasticity of demand will be.

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Equal to unity

Greater than unity

Less than unity

Equal to zero

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

If supply rises more than demand, price of the product will.

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Fall

Rise

Not change

Change

Land is

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hirable

not hirable

homogeneous

a form of capital

Which one will determine scale of production .

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Financial resources

Production techniques

Extant of the market

All the above

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