1.If there is Decrease in resource price then what will be the direction on curve supply?
2.When government sets the price of a good and that price is above the equilibrium price, the result will be?
3.Price Elasticity of Demand is equal to (formula)?
4.Demand is elastic when the elasticity of demand is?
5.If both supply and demand increase simultaneously, the equilibrium?
6.To find the profit maximizing level of output, a firm finds the output level at?
7.A normative economic statement?
8.While moving from left to right, the typical production possibilities curve has?
9.When an industry's raw material costs increase, other things remaining the same
It cause decrease in?
Note: total mcqs were 21. these are in my remembrance.
Q: Features of Islamic economic system? (5)
Q: law of demand? (3)
Q: solve the quadric equation in term of product demand:
Pd= 10p+2p were p=2(3)
Q: Price consumption curve? What will be the effect on budget if price goes up? (5