Question # 1

Who is unemployed

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housewife

college student

a peer who lives on gifts from mureeds

a freshly graduated engineer who is searching for a job

Economics is a science which studies.

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Distribution of income

Optimum use of scarce resources.

Production of wealth only

Exchange of wealth only

A monopoly firm is in equilibrium when

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MC intersects AC

MC intersect MR

AC intersects AR

TC intersects TR

Production of wealth means:

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Driving a taxi

Teaching a daughter

A doctor serving his wife

All the three

A person who contributes funds in partnership but does not take active part in management of business is called

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sleeping partner

helping partner

temporary partner

inactive partner

He cannot be unemployed

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policeman

beggar

mikman

bank officer

Which of the following factors takes risk, innovates and coordinates

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capital

labour

bank

entrepreneur

TVC

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starts from origin

not from origin

is parallel to x-axis

is parallel to y-axis

Ceteris paribus means

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other things equal

all variable are independent

all relationships are inverse

that no other assumptions are made

In monopoly and perfect competition the cost curves are

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similar

different

opposite

falling in competition rising in monopoly

Gross profit includes

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monopoly profit

pure profit

windfall profit

all of the above

A short period market is the market of.

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Perishable goods

Durable goods

Consumer goods

Capital goods

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 markets comes closest to perfect market

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wheat market

cigarette market

cold drinks market

stock market

Some economists say that profit earner is a kind of

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rent receiver

interest receiver

wage earner

govt. officer

A firms reaches its shut down point where:

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AC > AR

AC = AR

AC< AR

AVC = AR

It is most suitable for large scale business

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proprietorship

partnership

corporation

cooperative society

They are included in labour expect

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college principle

professors

office clerk

students

In case of monopoly

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marginal revenue curve always slopes upward

total revenue curve always slopes upward

marginal revenue is always equal to average revenue

marginal revenue is always less than average revenue

The law of increasing returns is also known as:

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Law of increasing cost

Law of diminishing cost

Law of constant cost

None of the three

A positive statement

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concerns what is

is always accurate

deals with values and opinions

cannot be tested in the real world

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