Question # 1

Who determines price under perfect competition?

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Representative firm

Industry

Normal firm

Government

It is true that there is no state where there is no over-ruling force, But the exercise of force does not make a state otherwise a pirate ship or the mutinous army would be a state,Who has reade this statement?

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Fredrick Angles

Robert Maciver

H, J, Laski

Max Weber

Investment is defined as a-

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Deployment of a sum in business operations

Purchasing an interest bearing bond

Change in the stock of capital

All the above

The charge in quantity demanded because of the change in the relative price of the product?

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Change in quantity demanded

Change in demand

Law of demad

Substitution effect

Who gave the ''theory of comparative advantage''?

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Adam smith

Ricardo

Hicks

Albert Einstein

ICAO is another important UN Agency, What does not ICAO stand for?

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International Civil Aviation Organization

International control of Aeroplanes Organization

International Concorde Air planes Organization

International committee of approval of new organizations

Economic development

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The same as economic growth

Means improvement in lifestyle

Exists when there is equal distribution of income

All of the above

What minimum price is acceptable by a firm in the short-period?

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Equal to AC

Equal to AVC

Equal to AFC

Equal to TC

Which one of the following is not a demerit of party system?

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Parties fight for their own interest

Party system destroys the individuality of man

Parties produce unnatural divisions

Parties harmonise the organs of government

An attempt at a cut short, which hits the bottom edge of the bat and travels into the area behind square leg.

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Portuguese cut

Spanish Cut

French Cut

Italian Cut

A monopolisitically competitive firm in short run equilibrium:

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Will make negative profit (loss money)

Will make zero profit (break-even)

Will make positive profit

Any of the given are possible

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