Question # 1

If the minimum wage is set above the equilibrium wage rate then other things unchanged:

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There will be equilibrium in the labour market

There will excess demand in the labour

There will be excess supply in the labour market

More people will be employed

What is Tariffs?

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Decrease the domestic prices of a product

Increase the quantity of imports

Decrease domestic production

Increase government earnings form tax

When you consume more and more of a commodity continuously, your total satisfaction level will?

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Decrease

Fluctuate

Remain

Increase

According to Marshall, the basis to consumer surplus is:

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Law of diminishing marginal utility

Law of equimarginal utility

Law of proportions

All of the above

In times if slowdown of the economy, the fiscal policy influences aggregate demand through:

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Discretionary element

Non-discretionary element

Lowering of tax rates

All of the above

Pakistan started its first five-year plan in

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1947

1950

1955

1960

What is termed to order an accused person to be kept in custody or placed on ball pending further court appearance?

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Remand

Custody

Arrest

Prosecuting

In which of the following industry structures is the entry of new firms the most difficult?

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Pure monopoly

Oligopoly

Monopolistic competition

Pure competiton

Who introduce the concept of multiplier first of all?

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Napier

Albert Enstein

Keynes

Adam Smith

Ultimate burden of tax is known as

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Impact

Incidence

shifting of tax

Property tax

Which is the monetary measure to control inflation?

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Increases in taxation

Decreases in taxation

Soft credit policy

Hard credit policy

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