Question # 1

One of the following is not studied in Micro economics.

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Equilibrium to the firm

Distribution of rewards to factors of productions

Banking system

Market equilibrium

If we know that quantities bought and sold are equal, we can conclude that

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quantities demanded and supplied are also equal

the market is in equilibrium

there will be no tendency for a price change

all of the above

Economic wants.

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Can unlimited

Capital goods

Social goods

Public goods

All factors of production are substitutable with each other. it is held by:

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Wicksteed

Hicks

Pareto

A professor is promoted to be a principle . What type of mobility will it be.

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Vertical mobility

Horizontal mobility

Geographical mobility

None of the three

Labour input includes

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inventor

innovator

unskilled worker

all of the above

According to Ricardo rents are high because prices of produce of land are

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high

low

constant

none of the above

Which is true

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labour produces land

land produces labour

labour produces capital

capital produces labour

Diminishing marginal utility is the basis of

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law of supply

law of demand

laws of returns

none of the above

When there is big change in quantity supplied resulting from a minor change inits price,its elasticity of supply will be.

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Equal to unity

Less than unity

Equal to zero

Greater than unity

Production in economic means

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factors of production

doing some job

output of goods

profit

The law of variable proportions was presented by.

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Jevens

Rayon

Hicks

Valentine

Normal price is a price which prevails

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In day to day market

In domestic market

In the long run market

In a foreign market

One of the following is not a characteristics of economic laws.

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Economic laws lack exactitude

Economic laws lack predictability

They are not universa!

They are not optional

Economics of scale are of two kinds

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temporary and permanent

internal and external

managerial and industrial

natural and artificial

When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.

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Equal to unity

Less than unity

Greater than unity

Equal to zero

The sacrifice of an alternative use of resources to produce something is called its

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real cost

opportunity cost

sacrifice cost

alternative cost

When marginal utility of a product is zero its total utility will be.

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Increase

Decreasing

Maximum

Constant

Wants are unlimited for:

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Poor person

Rich person

All persons

None of them

The price and sales of sugar both increase. What could be the cause of this?

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a decrease in the income of the consumers.

a decrease in the tax on sugar

An increase in the wages of workers in the sugar industry

An increase in the price of sugar substitutes

the term marginal in economics means

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unimportant

additional

the minimum unit

just barely passing

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