Question # 1

Which of the following is true.

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If the marginal cost is greater than the average cost the average cost fallls.

If the marginal cost is greater than the average cost the average cost increases.

If the marginal cost is positive total costs are maximized

If the marginal cost is negatives total costs increase at a decreasing rate if output increases

A production technique is technically efficient if.

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Output is maximized

Input are minimized

there is no way to make a given output using less of one input and no more of the other inputs.

costs are minimized

The theory of Ruler -urben migraines presented by.

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W.W. Roslow

M.P.Todaro

Simon Kuznets

Nukse

If tastes are identical between countries than comparative advantage is determined by

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Supply conditions only

Demand conditions only

Supply and demand conditions

Can't tell without more information.

If there is a price celling which of the following is NOT likely to occur.

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Rationing by first come first served

Black markets

Gray markets

Sellers providing goods for free that were formerly not free

Following is the major source for a country to meet the deficiency of capital

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Domestic saving

Foreign aid

Domestic barrowing

All of these

A public good will

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Be underprovided in the free market

Be overprovided in the free market

Not be provided in the free market

Has no opportunity cost

Economics is the science of Wealth who gave this definition.

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J-x Mehta

Marshall

Adam Smith

Robbins

Th transpose of the cofactor matrix is called.

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Adjoin of the matrix

Power of a matrix

Minor of the matrix

Rank of a matrix

According to Nurkse a balance growth a ncessary to.

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Develop resources

Develop capital

Break vicious circle of poverty

Develop infrastructure.

Which one of the following is the largest sector of Pakistan Economy.

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Agriculture

Banking

Industry

Manufacturing

Which stage guides from the planning stage to the stag of drawing of final conclusions.

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Numerical facts

Statistical methods

Data

None of the above

"Principles of economics" is the book of

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Robbins

Adam smith

Hicks

Marshall

The philippic curve is the relation between inflation and unemployment that hold for a given natural rate of unemployment. and a

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Given rate of inflation

Given expected rate on inflation

Given level of unemployment

Given expected level of unemployment

An increase in the wage rate.

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Will usually lead to more people employed

Will decrease total earnings if the demand for labour is wage elastic

Is illegal in a free market

Will cause a shift in the demand for labour

Debit (-) items in the balance of payments correspond to anything that.

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Involve receipts from foreigners

Involves payments to foreigners

Increase the domestic money supply

Decrease the demand for foreign exchange

Capital goods are

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A type of intermediate good

Final goods, because they are not used up during a given year

Produced in the same year as the related final good whereas intermediate goods are produced in different years.

Produced in one year whereas final goods are produced over a period of more than one year

In a perfectly competitive labour market firms are wage takers and the marginal cost of labour equals.

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the average cost of labour

The marginal product

The marginal revenue

The total cost of labour

If demand is _______ then price cuts will ________ spending.

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Inelastic, increase

Elastic, increase

Elastic, decreases

None of the above

An optimal tariff is one which reduces imports to the level at which ___ equals

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imports , exports

The balance of trade, zero

The demand for currency, the supply of currency

Social marginal cost social marginal benefit

In 1992 foreign currency accounts were frozen due to economic sanctions imposed due to.

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a civil war

Law and order situation

Nuclear test

Social problems

What does Social Researchers seek out of vast and confusing variety of individual characters.

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Generalizations

Decisions

Single events

group characteristics

The price mechanism cannot.

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Act as a signal

Act as an incentive

Act as a rationing device

Shift the demand curve

Laboratory experiments cannot be performed in economics because.

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Of resource scarcity

Economics is a natural science

Of the difficulty of distinguishing between normative and positive statements.

Economics is a social science

Credit (+) items in the balance of payments correspond to anything that.

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Involves receipts from foreigners

Involves payments to foreigners

Increases the domestic money supply

Decrease the demand for foreign exchange

Plan for research is labeled as.

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Case study

Research design

Intensive study

Exploratory research

What is the period of Rabi Seasons.

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Oct -Dec to April - May

May -June , to July - Aug

Oct - Nov to April -June

January -Mar, to April -May

The very word statistics refers to.

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State craft

Science of state

Political state

Political craft

Suppose there is full employment and positively sloped aggregate supply schedule A decrees in taxes increases.

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The price level and real output

the prie level but has no effect on real output

Real output but has no effect on the price level

The nominal and real wage

Second step in problem formulation is

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Statement of the problem

Understanding the nature of the problem

Survey

Discussions

Whose opinions have revolutionized the scope of macro economics.

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Adam Smith

J.B. Say

J.M. Keynes

All of the above

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