Question # 1

If the rate of inflation goes up, the real wags of labourers will :

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Increase

Decrease

Remain the same

Noe of the three

Which statement relates to macroeconomics

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Oil prices are rising in Pakistan

Profit rate is high in textile industry

The firms try to make huge profits

The government had failed to control inflation

If price and total revenue move in the same direction, then demand is

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inelastic

elastic

unrelated

perfectly elastic

All the products which are priced in the market are.

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Non economic products

Economic products

Private products

Public products

Market system means

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Socialism

Capitalism

a place where goods are traded

all of the above

Net investment equals Gross investment MINUS

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fixed capital

capital depreciation

capital appreciation

capital formation

All labour is

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homogeneous

heterogeneous

lazy

intelligent

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

An example of labour is

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gambler

jogger

computer engineer

all of the above

Only those goods are priced in the market which have:

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Utility

Sacrcity

Transferability

All of the above

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

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Increase

Decreasing

Maximum

Constant

Law of equimarginal utility is also called.

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Law of substitution

Law of maximum social benefits

Law of economy

Law of maximum satisfaction

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

The necessary condition for equilibrium of firm is

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AVC = AFC

AR = MR

MC = MR

TVC = TFC

The slopes of average and marginal products curves are always zero under:

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Law of increasing returns

Law of diminishing returns

Law of constant returns

Law of variable propoitions

If elasticity of supply is greater than one. supply curve will be

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horizontal

vertical

passing through origin

touching y-axis

In case of monopoly

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marginal revenue curve always slopes upward

total revenue curve always slopes upward

marginal revenue is always equal to average revenue

marginal revenue is always less than average revenue

The price of an non-economic good is:

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Very low

Very high

Zero

Negative

In economics, assumptions

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make economics theory useless

mean other things equal

enable economics to simplify reality

used in micro and not in macroeconomics

The difference between iron ore deposits and the steel produced illustrates the difference between

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labour and natural resources

labour and capital

natural resources and capital

natural resources and entrepreneurship

Economic goods produced by firms are called

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productivity

innovation

technological progress

output

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