Question # 1

How many kinds of data?

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2

3

4

5

If price is set above equilibrium level, there will be

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surplus commodity in the market

shortage of commodity in the market

supply curve will shift

demand curve will shift

In the long-run a competitive firms attains only:

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Normal profit

Super Normal profit

Sub-Normal profit

Marginal cost

The shape of marginal revenue product (MRP) curve is

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Inverted U

Steeper

Flatter

Positive

The main object of trade unions is to:

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Strength the bargaining position of labour

Get jobs for the employed persons

Get recreational facilities

Get free meals

Normal profit is

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part of total cost

part of economic profit

part of fixed cost

total revenue minus total cost

Profits arise because an entrepreneur

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prepares plan

innovates

lends money

a and b of above

When MP curve cuts AP curve, the AP is at its.

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Lowest point

Highest point

Neither of the two

Eighter of the two

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

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necessity

luxury

substitute

not available

Other things remaining the same, quantity supplied of a commodity increases with rise in price and decreases with fall in price are called

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Law of Supply

Law of Demand

Law of equilibrium

None of these

In economic capital refers to

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money

high quality goods

trade mark

machinery and factories

The quantities of a commodity offered for sale at different prices during a given period of time are called

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Supply

Demand

Stock

None of these

Validity of economics theories can never be proved with 100 percent certainty, because

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ceteris paribus clause

limited number of observation is possible

very large number of economic theories proved false in the past

b and c

How many types of markets according to time

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3

4

5

6

In which year Alfred Marshall wrote a book entitled "Principle of economics"

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1850

190

1870

1890

Wealth of Nations was written by

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Adam Smith

Malthus

Marshall

Newton

When marginal revenue is zero, total revenue is

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maximum

minimum

zero

decreasing

Production of wealth means:

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Driving a taxi

Teaching a daughter

A doctor serving his wife

All the three

When diseconomies of scale outweigh economies of scale the

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long run AC curve rises

marginal cost falls

long run ATC curve falls

AVC falls

A monopoly firm is in equilibrium when

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MC intersects AC

MC intersect MR

AC intersects AR

TC intersects TR

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

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