Question # 1

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

Estimate of Pakistan's population for 2013 is

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185 million

285 million

385 million

485 million

If we plot the equation y = 20 +3x, its slope is

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20

3

20/3

Indeterminate

A group of buyers and sellers that exchange a goods or services at a price are called

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Market

Commodity

Place

None of these

Profits

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are residual payment

are pre-detemined

are fixed by contract

are always higher than wages

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

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perfect competition

monopoly

both A and B

none of the above

One of the following is not an assumption of the Ricardian theory of rent.

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Lands are cultivated in sequence

All lands are homogeneous

All units of labour are identical

There are original and industuctible powers of soils

The law of variable proportions was presented by.

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Jevens

Rayon

Hicks

Valentine

In monopoly and perfect competition the cost curves are

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similar

different

opposite

falling in competition rising in monopoly

A rise in supply and demand in equal proportion will result in

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increase in equilibrium price and decrease in equilibrium quantity

decreases in equilibrium price and increases in equilibrium quantity

no change in equilibrium price and increases in equilibrium quantity

increases in equilibrium price and no change in equilibrium quantity

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

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

Net investment equals Gross investment MINUS

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fixed capital

capital depreciation

capital appreciation

capital formation

Internal economies of scale include

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risk-bearing economics

trade mark

managerial economies

a and c of above

How many various forms of capital

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7

8

9

10

Which one is the assumption of law of demand?

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price of the commodity should not change

quantity demand should not change

income of the consumer should not change

none of the above

When the price of a product increase by 100 percent and as a consequence, its quantity supplied increase by 125 percent, Its elasticity of supply will be.

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Less than unity

Greater than unity

Equal to unity

Equal to zero

A mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called

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Market

Revenue curve

Contact

None of these

The necessary condition for equilibrium position of a firm is

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MR > MC

MC > price

MC = MR

MC = AC

The concept of differential rent is given by.

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Marshall

David Ricardo

Hobson

Robbins

To say that two goods are unrelated, their cross price elasticity of demand should be

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less than 0

greater than 0

equal to 0

1

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