Question # 1

It describes the law of supply

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supply curve

supply schedule

supply equation

all the three

A factory is an example of

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capital

natural resources

entrepreneurship

none of the above

Which one of the following is a day to day market.

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The market of perishable goods

The market of refrigerators

The market of stationary

None of the three

Profits

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are residual payment

are pre-detemined

are fixed by contract

are always higher than wages

The law of variable proportions was presented by.

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David Ricords

Alfred Marshall

W.J.L. Ryan

Pareto

Law of decreasing returns generates

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law of economic growth

law of increasing costs

law of variable costs

law of decreasing costs

A positive statement

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concerns what is

is always accurate

deals with values and opinions

cannot be tested in the real world

An important factor which promotes large scale production is:

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Extant of market

Revolutionary changes in social life

Culture and civilization

All the three

The relationship between two variables that move in the same direction is called

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neutral

positive

independent

dependent

One of the following is not a part of macro economics.

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Public finance

International trade.

Consumer behaviour.

National income.

Which one is not determinant of demand

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tastes

income

method of production

price

during short period, diminishing returns may follow because

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quantity of labour is fixed

quality of labour is fixed

quantity of capital is fixed

quantity of any one factor is fixed

Standard of living of workers depends upon their

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nominal wages

real wages

average product

govt. policy

Land is mobile factor of production.

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Not mobile

Mobile by the transfer ownership

Geographically mobile

Mobile vertically

Consists of all kinds of wealth, other than free gifts of nature, which yield income are called

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Capital

Productivity of capital

Both a and b

None of these

The demand of a commodity having many substitutes is

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more elastic

less elastic

zero elastic

infinite elastic

Every country should have population

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minimum

constant

optimum

fast growing

If the supply of land is assumed to be perfectly inelastic which of the following rent will it yield.

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Scarcity rent

Differential rent

Quasi rent

Scarcity rent

A firms reaches its shut down point where:

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AC > AR

AC = AR

AC< AR

AVC = AR

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

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falls to zero

does not change

increases

decreases

Scope of economics is defined as:

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Individual and aggregate economic behaviour of the people.

Subject matter of economics.

Welfare Economics.

All of the abpove

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