Question # 1

Consists of all kinds of wealth, other than free gifts of nature, which yield income are called

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Capital

Productivity of capital

Both a and b

None of these

All the following are U-shape except

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AVC

AFC

AC

MC

When marginal utility of a product is zero its total utility will be.

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Increase

Decreasing

Maximum

Constant

In May 2012, firm was supplying 1000 kg of sugar at market price of Rs. 60/- per kg. During June 2012, firm's supply of sugar had decreased to 900 kg at price Rs. 40/- per kg. These changes show that supply of sugar is

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Perfectly elastic

Perfectly inelastic

Less elastic

More elastic

Doctors get higher wages than clerks because

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doctors are in short supply

doctors have more respect in society

doctors are organised in trade unions

people fear doctor's displeasure

Which of the following shifts supply curve of cars to the right

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tax on new cars

increase in wages of workers

decrease in steel price

a successful promotion campaign by sellers

The value of a product depends upon.

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The number of dollars

The numbers of dollars which can be given in exchange for it

The current exchange rate.

None of them

He presented a theory of rent

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Malthus

Allama Iqbal

Ricardo

Marshall

If the price of a product rises, quantity demand if its substitute will.

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Fall

Rise

Remain unchanged

Fluctuate

Which one is increasing function of price

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demand

utility

supply

consumption

Markets where firms supply goods and services demanded by households are

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factor market

product market

open markets

resource markets

All inputs can be varied in

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short run

long run

both periods

non of the period

An economic unit, which is independent to take decisions regarding the production and sale of goods are called

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Firm

Organization

Both a and b

None of these

Excise tax is a part of

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fixed cost

variable cost

implicit cost

in not a part of cost

Which of the following markets comes closest to perfect market

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wheat market

cigarette market

cold drinks market

stock market

With a fixed in the market period, if the demand of a product rises, then:

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Price will fall

Price will rise

Price will remain the same

None of the three

Market system means

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Socialism

Capitalism

a place where goods are traded

all of the above

Compare with monopoly price, the competitive price ids always:

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Less than monopoly price

More than monopoly pruce

Equal to monopoly price

Non of the three

These are kinds of rent EXCEPT

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differential rent

scarcity rent

mobility rent

location rent

Marginal revenue recommended by symbol

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MR

MC

AR

None of these

This is the assumption of law of demand

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price of the commodity should not change

Quantity demanded should not change

Price of substitutes should not change

Demand curve must be linear

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