Question # 1

Extension of supply will take place as a consequence of:

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Change in price

Change in population

Change in technology

Change in money supply

The law of variable proportions was presented by.

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David Ricords

Alfred Marshall

W.J.L. Ryan

Pareto

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

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Increase

Decreasing

Maximum

Constant

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

The kind of market is undesirable

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general market

specialized market

local market

monopoly market

When MU=0, TU is

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minimum

maximum

increasing

decreasing

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

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Marginal cost

Average cost

Variable cost

Fixed cost

Habib Bank limited means that.

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Its capital is limited

It shareholders are limited

The liability of each shareholders is limited

Non of the three

In economics, one or more persons sharing common consumer budget is called

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social group

consumer union

organisation

household

Which of the following is NOT capital as economists use the term

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an office building

machinery in a factory

an industrial robot

money

Different kinds of imperfect competition are.

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Monopoly

Monopolistic competition

Oligopoly

All the three

A firm attains equilibrium under monopoly if:

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MC curve intersect MR curve from below. MC = AC = MR

MC curve intersects MR from above

Any one of the above situations

AR = MR

The following are causes of shift in demand EXCEPT the one

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change in income

change in price

change in fashion

change in prices of substitutes

Marginal land or no rent land is the land which:

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Covers the cost of productions only

Determines rent of the superiorlands

Both a & b

None of the three

One or more persons living together and having a common budget is called

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union

organisation

household

house members

The elasticity of demand of durable goods is

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less than unity

greater than unity

equal to unity

zero

Which one is not doing an economic activity.

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One who is offering prayers.

One who works for wage.

One who rents out his property .

One who is an employee of Government

Every factor of production gets reward equal to

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value of average product

value of marginal product

value of total product

total revenue

This is NOT the result of specialization

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increased production

improvement in quality of product

increase in cost of production

increase in trade

Factors of production are recently termed as.

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Output

Outly

Input

None of them

Demands and supply curves cross at

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always at 60 degree

at 90 degree

at equal angle

at any angle

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