Question # 1

The difference between iron ore deposits and the steel produced illustrates the difference between

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labour and natural resources

labour and capital

natural resources and capital

natural resources and entrepreneurship

Gross profit does NOT include

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rent of his own land

interest of his own capital

pure profit

taxes

Productivity of land can be raised by

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decreasing farm size

intensive cultivation

better marketing

increasing money supply

All the following are U-shape except

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AVC

AFC

AC

MC

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

An example of natural resource is

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factory

skilled doctor

oil reserves in the ground

oil reserves in storage tank

Labour intensive technique of production means.

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More labour and less capital

Less labour and more capital

More labour and no land

More land and no labour

An increases in demand would cause supply curve to

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shift to the left

shift to the right

change in slope of supply curve

no effect on supply

Habib Bank limited means that.

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Its capital is limited

It shareholders are limited

The liability of each shareholders is limited

Non of the three

Short run means is a period

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less than one year

in which at least one input is fixed

in which no input can be changed

in which firms can easily enter or exit

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

For production of goods we need factors

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few

2

4

unlimited

Given the supply curve, a fall in demand will.

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Increase equilibrium quantity of the product

Decrease equilibrium quantity of the product

Not affect equilibrium quantity

Not affect equilibrium price

MU curve

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rises left to right

is always vertical

falls left to right

is always horizontal

Which is true

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labour produces land

land produces labour

labour produces capital

capital produces labour

Shopkeepers are also producers because in goods, they produce.

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Form utility

Time utility

Use utility

Place utility

Which one is increasing function of price

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demand

utility

supply

consumption

If elasticity of supply is greater than one. supply curve will be

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horizontal

vertical

passing through origin

touching y-axis

Union leaders are in better position bargain for higher wages if demand for labour is

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elastic

inelastic

very large

permanent

They are included in labour expect

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college principle

professors

office clerk

students

The human effort applied to the production of goods is called in economics

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labour

skill

experience

services

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