Question # 1

Production of wealth means:

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Driving a taxi

Teaching a daughter

A doctor serving his wife

All the three

Production of wealth takes place by:

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A combination of output

A combination of input

Labour only

Capital only

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

In mathematics which letters at the end of alphabet are used to represent variables

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(u,v,w,x,y,z)

(a,b.c.d.e.f.g)

(a.b.c.u.v.w)

((x,y,z,a,b,c)

To show data in tables, we must first

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reduce data

expand data

classify data

all of the above

One of the following is an example of monopoly.

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Motorways

Pakistan railways

PIA

None of these

Capital formation lakes place when

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people save a part of their incomes

saved amount is invested

investors expect good return

all of the three

How many kinds of market?

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4

5

6

7

The relationship between two variables that move in the same direction is called

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neutral

positive

independent

dependent

How many various forms of capital

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7

8

9

10

Gross profit includes

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monopoly profit

pure profit

windfall profit

all of the above

All non materials products which can satisfy human wants are called.

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Economic goods

Services

Non-economics goods

Services

Equilibrium of consumer is explained by

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negative utility

positive utility

marginal utility

profit

A seller can increase his sales revenue by charging a lower price, if the demand has

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e < 1

e = 1

e > 1

e = 0

The demand of a good falls when.

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Its price falls

Price of the substitute changes

its price rises

It price remain constant

With an increase in wage rate supply of labour.

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Decrease

Increase

Remains constant

None of the three

A firm attains sub-normal profit when:

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AR = AC

AR < AC

AR > AC

TR < TC

In monopoly at various output levels

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AR = MR

AR < MR

AR > MR

AR and MR curves are parallel

Who introduced the concept of Quasi rent.

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Hicks

Alfred Marshall

Hobson

Robbins

Shopkeepers are also producers because in goods, they produce.

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Form utility

Time utility

Use utility

Place utility

Law of diminishing returns applies more in:

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Industry

Agriculture

Mining

Construction

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