Question # 1

MC is given by slope of

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TFC

TC

ATC

AVC

The law demand will not be valid in case of.

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Very high price products

Normal goods

Price effect

Income effects

Law of demand shows relation between

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income and price of commodity

price and quantity of a commodity

income and quantity demanded

quantity demanded and quantity supplied

Micro economics concentrates

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on inflation

international economics relations

individual economics units

economics development of Pakistan

If in a production process, all inputs are increased by 10% and output increase by less than 10%, then it is called

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economies of scale

diseconomies of scale

diminishing marginal returns

negative economies

One of the following NOT a assumption of the marginal productivity theory

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units of factor are homogeneous

mobility of factor

low price of factor

perfect competition

If the government supplies a product at a price less than the equilibrium price, it will create:

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Shortage

Surlius

Non of the two

Equilibrium quantity

Total utility is maximised when.

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Marginal utility is zero

Marginal utility falls

Marginal utility rises

Non of the above

The set of skills and abilities that workers possess for production of goods and serves is

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motivation

wealth

human capital

natural talent

The total quantity of a commodity available in or near the market which can be brought for sale at a short notice

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Stock

Supply

Demand

None of these

Trade Unions in Pakistan are unable to get an increase in wage rates because of :

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Minimum wage law

Low labour efficiency

Capital intensive projects

Lack of Natural resources

Some economists say that profit earner is a kind of

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rent receiver

interest receiver

wage earner

govt. officer

Choose the correct condition of equilibrium of firm

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MC = MR

MC curve cuts MR curve from below

Both a and b

MC + MR - AR

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

Efficiency of land can be promoted by.

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Means of communication

Fertility of land

Climate condition

Quality of other factors

Rice mill is a :

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Fixed capital

Floating capital

Sunk capital

None of the three

Labour intensive technique of production means.

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More labour and less capital

Less labour and more capital

More labour and no land

More land and no labour

Productivity of land can be raised by

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decreasing farm size

intensive cultivation

better marketing

increasing money supply

Marginal product curve intersects average product curve when AP curve is

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minimum

maximum

rising

falling

Which is NOT a cause of shift in cost curves of a frim

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excise tax

prices of inputs

increase in productivity

price of product

Elasticity of a demand for product will be greater then unity if, with a fall in its price, total expenditure of consumer.

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Increase

Falls

Remains the same

None of the three

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