| 1 |
Gross profit does NOT include |
- A. rent of his own land
- B. interest of his own capital
- C. pure profit
- D. taxes
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| 2 |
Which one is the assumption of law of demand? |
- A. price of the commodity should not change
- B. quantity demand should not change
- C. income of the consumer should not change
- D. none of the above
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| 3 |
Which of the following is the subject matter of Economics. |
- A. Optimum use of limited resources for the satisfaction of unlimited human wants.
- B. Economic problems of the developing countries.
- C. Labour problems.
- D. Balance of payment problems.
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| 4 |
Mr. Suleri bought 50 litters of petrol when his monthly income was Rs. 25000. Now his monthly income has risen to Rs. 50000 and he purchases 100 litres of petrol. His income elasticity of demand for petrol is |
- A. 1
- B. 100%
- C. less than one
- D. more than one
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| 5 |
Choose the correct establish condition for equilibrium |
- A. MR = MC
- B. MC intersects MR curve from below
- C. MC + MR
- D. Both a and b
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| 6 |
Which one is the small scale production. |
- A. Bata shoe factory
- B. A barber shop
- C. kohinoor Textile Industries
- D. Sufi soap
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| 7 |
One of the following will not be the income of a person. |
- A. Wages
- B. Profit
- C. Sccholarship
- D. Salary
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| 8 |
Normal profit is called normal because |
- A. it is neither very high nor very low
- B. it is minimum acceptable to the producer
- C. it is minimum which buyer wants to pay
- D. it is maximum allowed by govt.
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| 9 |
If the price of a product increase from Rs. 12 per unit and as a consequence quantity demand of the product falls from 100 units to 50 units . The price elasticity of the product will be. |
- A. 2.5
- B. 0.5
- C. 1.5
- D. 3.5
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| 10 |
Why should employ units of a factor to a point where |
- A. MP is negative
- B. MP is equal to price of the factor
- C. MP is positive
- D. MP is rising
|