Question # 1

One of the following will not be an assumption of the law of diminishing marginal utility.

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Nature of the product should not changed

Mental condition of the consumer

Income of the consumer should not changed

None of the three

This is NOT the result of specialization

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increased production

improvement in quality of product

increase in cost of production

increase in trade

To measure changes in purchasing power of money, we use

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percentages

index numbers

averages

variables

Adam smith was a

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President of France

a modern economist

good sports man

classical economist

A firm decides to exit the industry when

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AC starts rising

MC starts rising

price is less than LAC

TC starts rising

A seller can increase his sales revenue by charging a lower price, if the demand has

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e < 1

e = 1

e > 1

e = 0

Wealth of Nations was written in

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1976

1876

1776

1676

He cannot be unemployed

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policeman

beggar

mikman

bank officer

Members of business partnership in Pakistan are:

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2 to 20

5 to 20

2 to 25

2 to 3

In monopoly and perfect competition the cost curves are

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similar

different

opposite

falling in competition rising in monopoly

He put forward the theory of profit

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Keynes

Adam Smith

Knight

Anyson

The word "LIMITED" at the end of a firm's name means

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it produces only commodity

has limited capital

cannot have more than 100 members

shareholders liability to pay debt of firm cannot exceed value of their investment

If the price of a product rises, quantity demand if its substitute will.

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Fall

Rise

Remain unchanged

Fluctuate

An example of labour is

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gambler

jogger

computer engineer

all of the above

Marginal product curve intersects average product curve when AP curve is

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minimum

maximum

rising

falling

A monopoly firm is in equilibrium when

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MC intersects AC

MC intersect MR

AC intersects AR

TC intersects TR

When AC curve rises, MC curve remains:

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Above AC

Below AC

Equal AC

Negative

Habib Bank limited means that.

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Its capital is limited

It shareholders are limited

The liability of each shareholders is limited

Non of the three

Which one is the non-economic activity.

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Service of a doctor

Morning walk

Service of teacher

Service of an advocate

The demand of a commodity having many substitutes is

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more elastic

less elastic

zero elastic

infinite elastic

In case of perfect competition in the market

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marginal revenue curve always slopes upward

marginal revenue curve always slopes downward

marginal revenue is always equal to average revenue

marginal revenue is always less than to average revenue

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