Question # 1

Who did separate economics from political science for the first time

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Marshall

Malthus

Adam smith

Ricardo

In short average cost curve is:

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Saucer shaped

Negative slope

U shaped

Flatter

Expenditures of repair of machines are called

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Unproductive expenditures

Productive expenditures

Rewards

Depreciation allowance

MRP curve is slopping:

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Negative

Positive

Downward

Both a and c

When total revenue and total cost of a firm are equal, the firm earns

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Abnormal profit

Normal profit

Normal loss

Abnormal loss

Number of beneficiaries of Zakat is stated in the holy Quran

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Five

Seven

Eight

Nine

If due to a very slight decrease in price, demand goes on increasing, elasticity of demand will be

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More than unity

Less than unity

Infinite

Zero

Not acting upon economic laws

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One gets punishment

Economy faces loss

Only the people not acting, face loss

No one is influenced

Law of increasing return is more applicable in:

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Trade sector

Industrial sector

Agricultural sector

Power sector

If the rate of change in price and quantity demand is in equal ratio, then Elasticity of demand is:

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Equal to zero

Equal to one

Smaller than one

Greater than one

When average cost increases, marginal cost is - - - - - - average cost

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Less than

More than

Equal to

None of three

If the income of the government is less than its expenditures, such budget is called

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Surplus budget

Deficit budget

Balanced budget

Capital budget

Firm earns abnormal profit, when

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AC=AR

AR>AC

AR<AC

AC=MC

Which one of the following is included in balance of payment

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Visible goods

Invisible goods

Visible & invisible goods

Non material goods

If demand falls more proportionately then that of supply then

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity increases

Second name of unitary method is

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Method of total satisfication

total expenditure method

total revenue method

Both 2nd and 3rd

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