Question # 1

At the point of equilibrium of firm under perfect competition

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MC curve must be rising

MC curve must be falling

MR curve must be rising

MR curve must be falling

Economic profit is

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part of total cost

total revenue minus total cost

total revenue minus variable cost

total variable cost minus total fixed cost

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

How many various form of partnership

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3

4

5

6

Standard of living of a country can be raised if it increases

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labour force

production

money supply

exports

When a competitive firm faces loss the slop of its MR curve is:

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Negative

Positive

Zero

Unity

Unit cost is another name for

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MC

AVC

ATC

AFC

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

y = 20-5 x this function is.

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Increasing function

Decreasing function

Constant function

Exponential function

All labour is

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homogeneous

heterogeneous

lazy

intelligent

Profits

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are residual payment

are pre-detemined

are fixed by contract

are always higher than wages

Specialization of labour has the advantage.

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increased production

introduction of new technology

increases in self-sufficiency

a and b of above

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

The main object of trade unions is to:

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Strength the bargaining position of labour

Get jobs for the employed persons

Get recreational facilities

Get free meals

Some economists say that profit earner is a kind of

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rent receiver

interest receiver

wage earner

govt. officer

The total quantity of a commodity available in or near the market which can be brought for sale at a short notice

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Stock

Supply

Demand

None of these

In the long-run a firm attains under monopoly;

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Normal profit

Super normal profit

Sub-normal profit

Any on of the above

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

The supply curve of day to day market is.

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Touching the horizontal axis

Touching the vertical axis

Perfactly elastic

Perfactly inelastic

Buyers and sellers under perfect competition are.

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The same in number

Large in number

Small in number

None of the above

The product which have close substitute their demand is always.

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More elastic

Perfectly elastic

Perfectly inelastic

Less elastic

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