Question # 1

Price elastic of demand measures

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change in price caused by changes in demand

the rate of change of sales

the responsiveness of demand to price changes

the value of sales at a given price

Different kinds of imperfect competition are.

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Monopoly

Monopolistic competition

Oligopoly

All the three

When MU is positive, TU

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increases

decreases

remains constant

is maximum

Unit cost is another name for

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MC

AVC

ATC

AFC

Wealth of Nations was written in

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1976

1876

1776

1676

Which statement is true

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ATC + AVC = AFC

ATC + MC = AFC

ATC + AFC = AVC

AFC + AVC = ATC

Net investment equals Gross investment MINUS

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fixed capital

capital depreciation

capital appreciation

capital formation

Adam Smith wrote a book entitled "An enquiry into the nature and causes of wealth of nation" in.

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1784

1792

1776

1796

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

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

In monopoly at various output levels

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AR = MR

AR < MR

AR > MR

AR and MR curves are parallel

Markets where firms supply goods and services demanded by households are

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factor market

product market

open markets

resource markets

Market equilibrium means a situation where

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Q_s= Q_d

Q_s= Q_p

Q_d= Q_p

Q_q= Q_p

MRP curve of a factor represents the.

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Supply curve of the factor

Demand curve of the factor

Either demand or supply curve of the factor

None of the three

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

The capital which loses it from whenever it is used, is

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Circulating capital

Fixed capital

Money capital

Real capital

When average product falls marginal product

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Rises

Also falls

Remain equal to average product

Does not change

Q_d = 12 - 2P

Q_s= -4 + 6P in this market model, P and Q are respectively.

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2 & 8

4 & 8

4 & 10

None of the three

The following affect rent EXCEPT

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better location

fertility of land

cleverness of landlords

scarcity of land

These are kinds of capital EXCEPT

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fixed capital

expensive capital

working capital

real capital

Which of the following factors takes risk, innovates and coordinates

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capital

labour

bank

entrepreneur

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