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Quiz No. 02, Jun 24 to Jun 28, 2016

Here goes my 2nd Quiz.

By Juste

I have only saved the MCQ'S and my answers, didn't saved other options. Verify all answers yourself. Please share your quizzes as well.



Which of the following is NOT true for monopoly?

Differentiated products

Freedom of entry and exit

Firm is a price taker

*One main seller


The earliest statement of the principle of comparative advantage is associated with:

Adam Smith

*David Ricardo

Eli Heckscher

Bertil Ohlin


In a command economy, all decisions are taken by the:






Which of the following is included in virtue?




*All of the above


Which one of the following is not included in virtue?






Which markets embody sense of justice?

Mixed markets

Liberal markets

*Free markets

None of the above


Which of the following economic principle is first posted by Adam Smith to describe that the greatest benefit to a society is brought about by individuals in the pursuit of their own self-interest?

Free trade

Economic freedom

Positive sum game

*Invisible hand


ABC Company has a monopoly on bottled water sales in Karachi. If the price of tap water increases, the profit of the company will:



Remains the same

May increase or decrease


How many values capitalistic justice has?




None of the above


In the Nicomachean Ethics, Aristotle argued that ethics enables us to?

*Live the good life and that the good life is possible only for virtuous persons.

Provide the best working conditions

Provide equal opportunity of development

None of the above



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