Question # 1

Who was the founder of classical school of thought?

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Adam Smith

Marshall

Keynes

Maithus

TR increase at a constant rate under:

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monopoly

Monopolistic

Perfect competition

Oligopoly

Scarcity of goods means

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non availability of goods

high price of goods

People don't want to get such goods

the good is available but it is not free

In monopoly and perfect competition the cost curves are

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similar

different

opposite

falling in competition rising in monopoly

Labour input includes

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inventor

innovator

unskilled worker

all of the above

Fixing of minimum wage

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raises demand for labour

raises profits

causes unemployment

is welcomed by employers

Elasticity of demand in case of minor change in price and quantity demand will be .

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Income elasticity of demand

Cross elasticity of demand

Point elasticity of demand

Arc elasticity of demand

Who introduced the concept of Quasi rent.

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Hicks

Alfred Marshall

Hobson

Robbins

Economics theory means

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economic policy

economic principles

descriptive economics

economics facts

When marginal revenue is zero, total revenue is

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maximum

minimum

zero

decreasing

if X and Y scales are the same a line making 45-degree angle with X-axis has slope

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1/4

1/2

1

constant

How many types of organization

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5

6

7

8

The transformation of resources into economic gods and services is

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input

production

entrepreneur

market

Everyone should study economics is a

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positive statement

normative statement

true statement

nonsense

The major difference between perfect competition and monopolistic competition is

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unity of frims

differentiated product

rate of profit

free exit and entry

If the government supplies a product at a price less than the equilibrium price, it will create:

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Shortage

Surlius

Non of the two

Equilibrium quantity

Short run cost curves are.

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v-shaped

Dish-shaped

U-shaped

L-shaped

Rice mill is a :

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Fixed capital

Floating capital

Sunk capital

None of the three

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

Mobility of labour

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increases efficiency of labour

decreases wages of labour

increases division of labour

a and c of above

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

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