Question # 1

Risks in the business arise because of

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introduction of the new products

uncertain policy of rival firms

changes in tastes

all the above

Wealth of Nations was written by

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Adam Smith

Malthus

Marshall

Newton

x = 5 y^-1 this is a.

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Constant function

Explicit function

Inverse function

Decreasing function

If price elasticity of demand is very low, the commodity is

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necessity

luxury

substitute

not available

Profits arise because an entrepreneur

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prepares plan

innovates

lends money

a and b of above

Sometimes the supply curve of labour bends

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downward

upward

backward

firstly upward and then downward

Which is NOT an advantage of division of labour

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workers spend less time moving from job to job

workers becomes dependent on other workers

workers become more efficient at performing repeated task

machinery is more easily introduced to perform simple tasks

One of the following is not an assumption of the Ricardian theory of rent.

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Lands are cultivated in sequence

All lands are homogeneous

All units of labour are identical

There are original and industuctible powers of soils

The method to measure the elasticity of demand is :

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Percentage method

Total outlay approach

Geometric approch

All the three

the term marginal in economics means

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unimportant

additional

the minimum unit

just barely passing

At the point of equilibrium of firm under perfect competition

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MC curve must be rising

MC curve must be falling

MR curve must be rising

MR curve must be falling

If a consumer moves upward along an indifference curve, his total utility

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falls to zero

does not change

increases

decreases

Variable cost of production are also called.

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Fixed cost

Supplementary cost

Total variable cost

Prime cost

Long period supply curve is

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relatively flatter

relatively steeper

more elastic

a and c of above

Which one is the non-economic activity.

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Service of a doctor

Morning walk

Service of teacher

Service of an advocate

Economies and diseconomies of scale determine the shape of

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long run AC curve

short run AC

average fixed cost

none of the above

To say that two goods are unrelated, their cross price elasticity of demand should be

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less than 0

greater than 0

equal to 0

1

Which one of the following pairs represent complementary demand for a product.

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Tea & coffe

Butter & Margarine

Shirt & shoes

Shirt & trouser

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

Geographical mobility is not possible for

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land

labour

capital

wealth

The shape of marginal revenue product (MRP) curve is

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Inverted U

Steeper

Flatter

Positive

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