Question # 1

Equilibrium price of a product is determined by:

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The gomverment

An industrialist

Market competition

An agriculturist

In case of perfectly elastic demand curve, the demand curve will be parallel to the :

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Horizontal axis

Vertical Axis

None of the above

Trade Unions in Pakistan are unable to get an increase in wage rates because of :

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Minimum wage law

Low labour efficiency

Capital intensive projects

Lack of Natural resources

Long run average cost curve is :

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U shaped

L shaped

Dish shaped

None of the three

Economics laws are:

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Statements of tendencies in economic behaviour

Unrealistic to deal with real economic problems.

Absolute and certain like the laws of physical science

Used to forecast the growth rate of an economy.

The elasticity of demand of durable goods is

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less than unity

greater than unity

equal to unity

zero

The concept of internal and external economics was given by.

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Adam Smith

Robbins

J.M.Keynes

Alfred Marshall

Loinel Robbins wrote a book entitled "Nature and Significance of economic science" in.

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1776

1998

1931

1936

Which statement is true

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ATC + AVC = AFC

ATC + MC = AFC

ATC + AFC = AVC

AFC + AVC = ATC

Variable are represented by symbol

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V

U

P

C

Long period supply curve is

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relatively flatter

relatively steeper

more elastic

a and c of above

If in a production process, all inputs are increased by 10% and output increase by less than 10%, then it is called

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economies of scale

diseconomies of scale

diminishing marginal returns

negative economies

Prof. Robins wrote a book in 1931 entitled.

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General Theory of employment. Interest and money.

An inquiry into the nature and causes of wealth of nations.

Principle of economics.

Nature and Significance of economic science.

The utility of durable consumer goods.

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Diminishes with the passage of time

Perishes, if not used

Can be obtained constantly

None of the three

To promote capital investment in a country, what is essentially required is.

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Basic infrastructure

Bank credit

Law and ordered

Stock broker

The basic goal of a firm is to

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maximize revenues

maximize employees' welfare

maximize profit

maximize output

A variable is a symbol which, during a discussion, may assume different values or a set of admissible values. This is the definition of

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Prof. Kooros

Prof. Marshall

Prof. Rabbins

Prof. Kneez

How many kinds of market?

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4

5

6

7

A professor is promoted to be a principle . What type of mobility will it be.

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Vertical mobility

Horizontal mobility

Geographical mobility

None of the three

Economic development of a country requires

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skilled lobour

diplomacy

abundant natural resources

a and c of aboce

A contour line which slopes downward from left to right and yield equal level of satisfaction to consumer with the given income is.

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Negatively slop curve

An indifference curve

Positively sloped Curve

None of the above

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