Question # 1

.Which one is not an economic want.

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Want for food

Want to be a doctor

Want to fall in love

Non of the above

A change in price brings in quantity supplied. it will be.

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Rise in supply

Contraction of supply

Fall in supply

Extension of supply

When a competitive firm achieves long run equilibrium then

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P= MC

MR = MC

P = ATC

all of the above

Interest is paid because

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capital is scarce

capital is productive

capital is attractive

a and b of above

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

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

A monopoly market can be controlled by.

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Fixing of the price by the government

Administrative measures

Introduction of substitutes

Nationalisation

If price and total revenue move in the same direction, then demand is

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inelastic

elastic

unrelated

perfectly elastic

Loinel Robbins wrote a book entitled "Nature and Significance of economic science" in.

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1776

1998

1931

1936

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

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perfect competition

monopoly

both a and b

none of the above

Which statement is true

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ATC + AVC = AFC

ATC + MC = AFC

ATC + AFC = AVC

AFC + AVC = ATC

In case of a fall in supply.

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Quantity supplied falls at the same price.

Quantity supplied rises at the same price.

Quantity supplied remain at the lower price.

None of the three

Labour is hirable but you cannot hire

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capital

land

manager

entrepreneur

In May 2012, firm was supplying 1000 kg of sugar at market price of Rs. 60/- per kg. During June 2012, firm's supply of sugar had decreased to 900 kg at price Rs. 40/- per kg. These changes show that supply of sugar is

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Perfectly elastic

Perfectly inelastic

Less elastic

More elastic

One of the following will not be an assumption of the law of diminishing marginal utility.

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Nature of the product should not changed

Mental condition of the consumer

Income of the consumer should not changed

None of the three

In Pakistan rate of labour participation is

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13%

23%

33%

43%

The concept of internal and external economics was given by.

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Adam Smith

Robbins

J.M.Keynes

Alfred Marshall

TR increase at a constant rate under:

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monopoly

Monopolistic

Perfect competition

Oligopoly

If marginal product of labour rises because of new technology

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wages will rise

wages will fall

wages will be unaffected

may raise or fall

Unit cost is another name for

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MC

AVC

ATC

AFC

Total fixed cost curve is .

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Parallel to the vertical axis

Parallel to the horizontal axis

Sloping downward to the right

Sloping upward to the right

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