61. Price Theory is also known as?
A. Public Economics
B. Development Economics
C. Macro Economics
D. Micro Economics
62. Process of curing inflation by reducing money supply is called?
A. Disinflation
B. Cost-Push Inflation
C. Demand-Pull Inflation
D. Reflation
63. Pakistan is considered as a __ country.
A. developed
B. developing
C. least developed
D. none of these
64. The total GDP of Pakistan for the year 2021 is:
A. $ 267 billion
B. $ 287 billion
C. $ 307 billion
D. $ 327 billion
65. If a maximum price is set below equilibrium there will be:
A. A price fall
B. A price increase
C. Excess supply
D. Excess demand
66. Which of the following is true?
A. If the marginal cost is greater than the average cost, the average cost falls
B. If the marginal cost is greater than the average cost, the average cost increases
C. If the marginal cost is positive, total costs are maximized
D. None of the above
67. According to the law of diminishing returns:
A. The marginal product falls as more units of a variable factor are added to a fixed factor
B. Marginal utility falls as more units of a product are consumed
C. The total product falls as more units of a variable factor are added to a fixed factor
D. The marginal product increases as more units of a variable factor are added to a fixed factor
68. The law of diminishing returns assumes:
A. There are no fixed factors of production
B. There are no variable factors of production
C. Utility is maximized when marginal product falls
D. Some factors of production are fixed
69. When internal economies of scale occur:
A. Total costs fall
B. Marginal costs increase
C. Average costs fall
D. Revenue falls
70. The first level of output at which the long-run average costs are minimized is called:
A. The minimum efficient scale
B. The minimum external scale
C. The maximum external scale
D. The maximum effective scale
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