Question # 1

Who was the exponent of welfare economics.

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Alfred Marshall.

Adam smith.

Lionel Robbins

J.M. Keynes.

Market demand curve is a summation of all individual demand curves as

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Vertical

horizontal

mathematical

local

Pollution which is side effect of producing or consuming something and which is not taken into account by producers and sellers is called

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externality

wastage

extra cost

opportunity cost

If a public limited company issues bonds to increase resources, then it pays

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fixed premium to bond holders

fixed interest to bond holders

fixed tax to bond holders

fixed profit to bond holders

The concept of quasi rent was given by.

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Ricardo

Adam smith

Alfred Marshall

Robbins

Profits arise

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only in monopoly

because of uncertainty

shortage of goods

like interest

Robbins in his definition

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talks of scarcity of resources

preached moral values

supports Adam smith view

none of the above

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

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1955

1950

1948

1959

Which of the following is a demand function?

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Q + 4P = 20

Q = 35 + 3P

Q - 2P - 15 =0

5P - Q = 4

Which laws are always subjected to certain conditions.

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Social

Political

Moral

Economic

Total cost curve in general is a.

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Linear function

Quadratic function

Cubic function

Long function

How many kinds of Function

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2

3

4

5

How many types of markets according to time

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3

4

5

6

A group of buyers and sellers that exchange a goods or services at a price are called

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Market

Commodity

Place

None of these

When both demand and supply fall in equal proportions, price of the product will .

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Fall

Rise

Remain the same

None of the above

All factors of productions are variable in the:

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Marked period

Short period

long period

None of the three

Income elasticity of demand for normal good is always

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1

more than one

negative

positive

Utility is most closely related to the term

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useful

useless

necessary

satisfaction

An entrepreneur is a person who performs the dual function of risk-taking and control. This is the definition of

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Prof. Knight

Prof. Marshall

Prof. Robbins

Prof. Knees

For production of goods we need factors

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few

2

4

unlimited

One of the following will not be the income of a person.

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Wages

Profit

Sccholarship

Salary

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