Question # 1

How many kinds of Function

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2

3

4

5

If we plot the equation y = 20 +3x, its slope is

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20

3

20/3

Indeterminate

The utility of durable consumer goods.

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Diminishes with the passage of time

Perishes, if not used

Can be obtained constantly

None of the three

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

Total utility is maximised when.

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Marginal utility is zero

Marginal utility falls

Marginal utility rises

Non of the above

According to Malthus, population increase by

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arithmetic progression

geometric progression

systematic progression

automatic progression

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

When a competitive firm achieves long run equilibrium then

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P= MC

MR = MC

P = ATC

all of the above

With a fall in the price of a Giffen good or inferior good its quantity demand will.

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Fall

Rise

Remain unchanged

None of three

MC is given by slope of

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TFC

TC

ATC

AVC

According to law of equi-marginal utility a consumer will maximises his total utility when

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He spends all his income on the product only

He spends more on one and less on the other

Marginal utility of the two goods are equalised

Not only the marginals utility of the two goods are equalised, but also the marginal utility of each good is equal to its price.

Which of the following saying describes diminishing marginal returns in the short run?

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When the cat is away, the mouse will play

Too many cooks spoil the broth

A rolling stone gathers no moss

A stitch in time saves nine

Which statement is true

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ATC + AVC = AFC

ATC + MC = AFC

ATC + AFC = AVC

AFC + AVC = ATC

Labour is hirable but you cannot hire

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capital

land

manager

entrepreneur

As output increase, one of the following costs will also increase:

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Marginal cost

Average cost

Variable cost

Fixed cost

Normal profit is

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part of total cost

part of economic profit

part of fixed cost

total revenue minus total cost

Marginal utility of a product is the utility obtained by consuming.

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First unit of consummption

Each additional unit of consumption

Last unit of consumption

None of the them

When the demand of a product rises due to factors except price it will be.

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Extension of demands

Rise of demand

Contraction of demand

Extension of demand

Which of the following factors takes risk, innovates and coordinates

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capital

labour

bank

entrepreneur

An entrepreneur is a person who performs the dual function of risk-taking and control. This is the definition of

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Prof. Knight

Prof. Marshall

Prof. Robbins

Prof. Knees

Marginal revenue is always less than price at all levels of output in

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perfect competition

monopoly

both A and B

none of the above

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