Question # 1

For production of goods we need factors

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few

2

4

unlimited

Land is

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hirable

not hirable

homogeneous

a form of capital

The demand of a commodity having many substitutes is

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more elastic

less elastic

zero elastic

infinite elastic

Productivity of capital depends upon

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quality of labour

quality of raw materials

quality of management

all of the above

This is capital

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money

forests

machinery

trademarks

Land means nature resources which are available.

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On the soil

Above the soil

Below the soil

All the above

Why should employ units of a factor to a point where

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MP is negative

MP is equal to price of the factor

MP is positive

MP is rising

Indifference curves are convex to the origin because

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two goods are perfect substitutes

two goods are imperfect substitutes

two goods are perfect complementary goods

goods area jointly demanded

Lowest point on the average cost curve in the long-run represents;

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Optimum factors combination

Maximum level of output

Maximum level of total revenue

None of the three

A firm should shut down in the short run if it is not covering its

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variable cost

fixed cost

total cost

explicit cost

Prof. Robins wrote a book in 1931 entitled.

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General Theory of employment. Interest and money.

An inquiry into the nature and causes of wealth of nations.

Principle of economics.

Nature and Significance of economic science.

Profits

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are lower in the long run than in the short run

can be negative

are less in perfect competition than in monopoly

all of the above

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

Optimum population is defined by the economists as the level of population at which

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death rate equals birth rate

labour productivity is maximized

country achieves food self sufficiency

national income per head is maximesed

Social stagnation is a big obstacle to.

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Mobility of labour

Division OF labour

Efficiency o labour

All the above

An example of labour is

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gambler

jogger

computer engineer

all of the above

A variable is a symbol which, during a discussion, may assume different values or a set of admissible values. This is the definition of

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Prof. Kooros

Prof. Marshall

Prof. Rabbins

Prof. Kneez

y = 2^x is a.

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Log function

Linear equation

Exponential function

Increasing function

The product which have close substitute their demand is always.

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More elastic

Perfectly elastic

Perfectly inelastic

Less elastic

Which of the following markets comes closest to perfect market

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wheat market

cigarette market

cold drinks market

stock market

A consumer's spending is restricted because of

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marginal utility

budget constraint

demand curve

unlimited wants

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