Question # 1

The product which have close substitute their demand is always.

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More elastic

Perfectly elastic

Perfectly inelastic

Less elastic

If a consumer moves upward along an indifference curve, his total utility

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falls to zero

does not change

increases

decreases

A market competition from in which there are very large number of firms producing a homogeneous commodity are called

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Perfect competition

Equilibrium of firm

Under perfect competition

None of these

If equilibrium price rises but equilibrium quantity remains unchanged, the cause is

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supply and demand both increase equally

supply and demand both decrease equally

supply decreases and demand increases

supply increases and demand decreases

The first law of consumption was presented by.

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Robert Malthus

Loinel Robbins

Alfred Marshall

Pareto

MRP curve of a firm represent demand curve of industry under.

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Imperfect compitition

Monolopy

Oligopoly

Perfect competition

This is NOT the result of specialization

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increased production

improvement in quality of product

increase in cost of production

increase in trade

A producer will employ workers up to the point where its MRP becomes

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ARP

current wage rate

negative

equal to profit

The submit the plan to the Registrar of Joint Stock Companies along with ______ documents

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Two

Three

Four

Five

Members of a public limited company are elected by.

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Directors

Government

Financial institutions

Share holders

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

Utility is most closely related to the term

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useful

useless

necessary

satisfaction

A joint stock company has

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limited liability

unlimited liability

limited capital

unlimited capital

A horizontal demand curve has a price elasticity of

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zero

infinity

1

variable

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

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neutral

positive

independent

dependent

If equilibrium price rises but equilibrium quantity is unchanged, the cause is

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supply and demand both increase equally

supply and demand decrease equally

supply curve is vertical and demand increases

supply increases and demand is same

Every factor of production gets reward equal to

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value of average product

value of marginal product

value of total product

total revenue

Adam smith was a

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President of France

a modern economist

good sports man

classical economist

Who is unemployed

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housewife

college student

a peer who lives on gifts from mureeds

a freshly graduated engineer who is searching for a job

Law of diminishing returns applies more in:

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Industry

Agriculture

Mining

Construction

The market of cars is.

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International market

Regional market

Local market

Domestic market

Economies and diseconomies of scale determine the shape of

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long run AC curve

short run AC

average fixed cost

none of the above

Short run cost curves are.

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v-shaped

Dish-shaped

U-shaped

L-shaped

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