Question # 1

A firm decides to shut down production temporarily when

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MC start rising

AC stat rising

price = AC

price falls below AVC

The maximum point of TP curve is at quantity of labour where

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Average physical product of labour is equal to 1

MPP of labour is at its maximum

curves of APP and MPP of labour intersect

MPP of labour is zero

Gov. of Pakistan introduced labour policy for the first time in.

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1955

1950

1948

1959

Normal profit is attained where:

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TR = TC

TR >TC

AR > MR

AR < MR

Capital formation lakes place when

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people save a part of their incomes

saved amount is invested

investors expect good return

all of the three

When average product (AP) and marginal product (MP) are rising.

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AP > MP

AP = MP

AP < MP

AP = MP = 0

Wealth of Nations was written in

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1976

1876

1776

1676

Production of wealth means:

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Driving a taxi

Teaching a daughter

A doctor serving his wife

All the three

How many various form of partnership

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3

4

5

6

About labour we can say with certainty that it is

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Perishable

Hirable

Reliable

all of the above

Prof. Marshall thinks

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Economics studies national welfare

Economics studies personal welfare

Economics studies total welfare

Economics studies material welfare

Economic principle are also called

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economic law

economic theory

economic model

all of the above

Limited liability is one of the advantages of

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partnership

sole proprietor

joint stock company

cooperative society

An example of labour is

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gambler

jogger

computer engineer

all of the above

Equilibrium price of a product is determined by:

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The gomverment

An industrialist

Market competition

An agriculturist

Utility of a product depends upon

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Knowledge

Ownership

Form

All of them

A schedule of the amount of a good that would be offered for sale at all possible prices, at any one instant of time or during any period of time are called

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Supply

Demand

Stock

None of these

Marginal product indicates rate of change of

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total product

average product

variable product

all of the above

Law of demand shows relation between

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income and price of commodity

price and quantity of a commodity

income and quantity demanded

quantity demanded and quantity supplied

When demand is perfectly inelastic, an increase in price will result in

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decrease in total revenue

increase in total revenue

no change in total revenue

decrease in quantity demanded

The demand of a will expand when:

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Other things do not remain constant.

Price of the products changes.

Value of money falls.

None of the three

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