Question # 1

Research is an organized

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Enquiry

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Investigation

Experiment

Import quotas tend to result in all of the following except.

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Domestic producers of the imported good being harmed

Domestic consumers of the imported good being harmed

Prices increasing in the importing country

Price failing in the exporting country.

By death of any partner business will be dissolved in case of

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Partnership

Musharika

Hire purchase

Mudaraba

If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.

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Identical to the demand curve

A ray from the origin with a slope equal to price

negative sloped with twice the slope of the demand curve

A rising function of output that increases at a decreasing rate , reaches a maximum, then falls.

If the price of factor A is Rs.8.00 per hour, and its marginal product is 10 units, and the price of factor B is Rs. 5.00 and its marginal product is 9, is the producer is likely to.

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Hire more of A and less of B

Hire more of B and less of A

Start paying factor A more

Try to use factor B more productively

Disposable income is.

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Income less taxes

Income less direct taxes

income less indirect taxes

All of these

A circular constellation of force tending to act and react upon each other in such away to keep a poor country in a state of poverty is termed as.

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Vicious circle of poverty

Low capital formation

Low development

disguised unemployment

If the price is less than the average cost but higher than the average variable costs.

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The firm is making a loss and will should own in the short term.

The firm is making a profit.

The firm is making a loss but will continue to produce in the short term

The firm is making a loss and is making a negative contribution to fixed costs

When GNP is Rs.500 billion and consumption expenditures are Rs.300 billion.

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the MPC is 6

The MPS is 4

The Multiplier is 2.5

None of the above

An indifference curve gives

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the actual combination of goods that consumer chooses

the minimum choice of the consumer

the highest level of satisfaction

None of these

Scientific method in the application of valid and reliable research methods.

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Experimental

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Methods

Enquiry

Which of the following taxes is regressive.

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The Federal income tax

The state income tax

The sales tax

The Medicare tax

Which of the following is not involved with fiscal policy.

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Income tax

National insurance

VAT

Interest rates

The view which allows only use value ot nature is known as.

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Deep ecology

Shallow ecology

Life ecology

None of these

A widely used indicator to differentiate developed countries from developing countries.

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International trade per capita

Real income per capita

Unemployment per capita

Calories per capita

A scarce good.

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Does not exist

Is a good that can only be purchased with money

Is a good that can never be purchased with money

Is a good that is available in limited quantities, but is desired in greater quantities.

The Human Development index is based on.

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Income per capita human capita economic vulnerability

Income per capita, life expectancy education

Income per capita child mortality rates education.

Income per capita life expectancy economic vulnerability

The rate of inflation in 1985 was

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3.67%

8.5%

9.77%

3.2%

The statement that marginal cost = marginal revenue leads to profit maximization of loss minimization is true.

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All the time

Only in the long run

Only if "marginal cost is rising at the point of equality.

Only if average total cost is falling at the point of equality

A primary reason why nations conduct international trade is because.

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some nations prefer to produce one thing while others produce another.

Resources are not equally distributed to all trading nations

Trade enhances opportunities to accumulate profits

Interest rates are not identical in all trading nations

Economic theory assumes that people

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Act in greedy and selfish ways, without regard for the welfare of others.

Act without regard for their own interests.

Are not motivated by self interest

Are motivated by self interest but still might be concerned for the welfare of others.

A monopolist who is charging high price operates on.

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inelastic part of demand curve

Elastic demand of part curve

Ignore elasticity

More elastic demand of part curve

For a Muslim living within the code of Islam primary source for the the solution of economic problems is.

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the Holy Quran

Sunnah

Both a and b

None of these

change in quantity demanded

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Downward shift of demand curve

Movement on the same demand curve

Downward shift

None of these

Average fixed cost

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Is U shaped

Declines over the entire output range.

Is a long run concept only

Is influenced by diminishing returns to production

Which school of economic thought suggested that one possible cause of inflation was a push from the cost side.

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New classical economists

Monetarists

Marxists

Keynesians

Supply is likely to be more price elastic.

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In the short run rather than the long run

If factors of production are relatively immobile between industries.

If there are very few producers

If it is easy to expand output

Elasticity of demand of luxurious goods is always more elastic

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More elastic

Less elastic

Equal elastic

None elastic

The cliche that "The punishment should fit the crime " originated in the writings of.

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Plato

Thomas Aquinas

Jeremy Benithm

David hume

Major sector of the Pakistan economy in

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Export sector

Industrial sector

Services sector

Agriculture sector

According the Hacksher-Ohlin model the source of comparative advantage is a country's

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Technology

Advertising

Factor endowments

both a and c

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