Question # 1

Micro economics studies related to

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National income

Unemployment

Trade cycle

Consumer's behavior

If demand decreases by 15% due to 10% increase in Price, then elasticity of demand is

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Equal to unity

More than unity

Less than unity

Zero

With the increase of output, which cost of production increases:

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VC

AC

FC

MC

During boom

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Business contracts

Unemployment increase

Profit decreases

Profit increases

If supply curve is horizontal (parallel to x-axis) then elasticity of supply is

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Zero

Infinite

Equal to unity

More than unity

Wages of permanent labourers are:

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Fixed cost

Marginal cost

Total cost

Variable cost

Which is not studied in macro economics ?

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National income

Money and banking

Consumer's behavior

Public finance

What can a firm do in the short run

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Firm can increase its plants

Firm can expand its building

New firm can not enter the business

New firm can enter the business

Which curve represents demand curve also

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Marginal revenue

Average revenue

Total revenue

Marginal cost

A monopolist controls the supply

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Totally

Partially

More

Not at all

Usually market price is ____________ normal price

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Equal to

Less than

More than

None of these

Demand curve of a monopolist has the shape

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Falls from left to right

Rises from left to right

Remains below MR curve

Remains parallel to ox-axis

Cardinal utility approach was presented by:

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Adam smith

Keynes

Robbins

Marshall

In order to satisfy some wants, more than one commodities are needed. Demand for such commodities is called

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Joint demand

Composite demand

Derived demand

Direct demand

" International balance of payment is all that transaction for which either foreign exchange is spent or received." This definition is stated by

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Prof. Marshal

Prof.Samuelson

Prof. Ricardo

Prof. Hicks

Which law is applicable when human and natural forces are balance ?

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Increasing cost

Constant cost

Diminishing cost

Both (a) and (c)

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