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Punjab (PTB) · Half book test · Free

1st Year Principles of Economics First half Book Paper

50 marks · 1 hour 30 minutes · 35 questions. Covers: 7 chapters (CHAP 1: Definition Of Economics to CHAP 7: Price And Output Determination ).

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1st Year Principles of Economics First half Book Paper

1st Year · Principles of Economics · Punjab (PTB)

Name: ____________Roll No: ________Class/Section: ________Date: ________Total marks: 50Time: 1 hour 30 minutes

Q1. Multiple choice questions (Attempt all · 15 × 1 = 15)

  1. Monopoly can also be called:

    1. Perfect competition

    2. Imperfect competition

    3. Competition

    4. None

  2. Utility is related with:

    1. Usefulness

    2. Useless

    3. Necessities

    4. Desire

  3. In which year Kenyens wrote his book "General theory of employment, interest and money":

    1. 1929

    2. 1931

    3. 1934

    4. 1936

  4. According to the law of supply there is relation in price and supply:

    1. Inverse

    2. Increasing

    3. Negative

    4. Indirect

  5. Reward for labour is called:

    1. Wages

    2. Rent

    3. Interest

    4. Profit

  6. The costs which are directly related to output:

    1. Fixed cost

    2. Variable cost

    3. Total cost

    4. Marginal cost

  7. The second name of law of constant return is:

    1. Law of decreasing cost

    2. Law of increasing cost

    3. Law of cost

    4. Law of constant cost

  8. What can a firm do in the short run:

    1. Firm can increase its plants

    2. Firm can expand its building

    3. New firm can not enter the business

    4. New firm can enter the business

  9. Which one is not an economic want:

    1. Cloth

    2. Watch

    3. Air

    4. Car

  10. Who did name economics as science of satisfying unlimited wants with limited means:

    1. Marshall

    2. Adam Smith

    3. Robbins

    4. Pigou

  11. When supply curve shifts leftward or up, it is called:

    1. Rise of supply

    2. Fall of supply

    3. Extension of supply

    4. Contraction of supply

  12. Blessings like air, sun, rain existing on land are included in factor of production:

    1. Labour or human resources

    2. Capital or monetary resources

    3. Land or natural resources

    4. Organization

  13. The cost that a firm has to bear to produce an extra unit of output are called:

    1. Fixed cost

    2. Average cost

    3. Total cost

    4. Marginal cost

  14. When marginal product is zero total product is:

    1. Maximum

    2. Minimum

    3. Negative

    4. Zero

  15. If there are large number of firms in some particular industry then situation is called:

    1. Perfect competition

    2. Imperfect competition

    3. Monopoly

    4. Monopolistic competition

Q2. Short questions (Attempt any 10 of 15 · 10 × 2 = 20)

  1. Define services.

  2. What is meant by normal profit?

  3. Write four factors affecting productivity of land.

  4. What is meant by elasticity of supply greater than unity?

  5. How does envelop curve derive?

  6. What are laws of cost?

  7. Explain the difference between Science and Art.

  8. What is meant by negative utility?

  9. Write difference between pure and perfect competition.

  10. Write four factors influencing productivity of labour.

  11. Write the exceptions (limitations) of the law of supply.

  12. What is the difference between average revenue and marginal revenue?

  13. Why is law of constant return called law of constant cost?

  14. Define economic law in the words of Prof Marshall.

  15. What is meant by total utility?

Q3. Long questions (Attempt any 3 of 5 · 3 × 5 = 15)

  1. Give the definition of Prof. Alferd Marshall and give a critical evaluation of it.

  2. Describe law of equi marginal utility and its practical importance too.

  3. Under perfect competition, a firm obtains equilibrium when. Marginal cost = Marginal revenue, explain it.

  4. What is meant fixed cost and variable cost? Draw average variable cost, average cost and marginal cost curves of a firm.

  5. What is meant by normal price? Explain the determination of short period normal price and long period normal price.