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1.Our economy is characterized by:
2.Zafar Iqbal stated in his opening note at University of Economics that food prices should be controlled for a comfortable living. Which category his statement falls in?
3.Production possibility frontier analysis assumes that resources:
4.Suppose a teacher organizes a study group by reserving a meeting room, compiling study materials and attracting students. The meeting room would most likely be which of the following factors of production?
5.If the price of a good X is increased by 15% and its quantity demanded falls by 25%, the price elasticity of demand is:
6.If the quantity demanded of computers exceeds the quantity supplied of computers:
7.The law of diminishing marginal utility indicates that the demand curve is:
8.The percentage change in quantity demanded of a given good, with respect to the percentage change in the price of “another” good is called:
9.If a decrease in price increases total revenue:
10.The minimum price that a Government sets to support a desired commodity or service in a society is known as:
11.If consumer is willing to pay Rs.200 for 1 kilogram chicken and the market price of 1 kilogram chicken is Rs. 175, then the consumer surplus will be:
12.If there is an increase in the long term economic growth then production possibility frontier will:
13.If a 4% rise in consumer’s incomes causes an 8% rise in product’s demand, the income elasticity of demand for the product will be:
14.The opportunity cost of an action is:
15.When government sets the price of a good less than the equilibrium price of a good, then there will be:
16.What would cause the supply curve of wheat to shift to the right?
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