11-“Salary should be increased as there is an increase in costof living”. This is an example of:ScientificstatementNormative statementPositive statementNegativestatement

Question 12

In the monopolistic market it is observed that a differentiatedproduct always has:Perfect substitutesNone of the givenoptionsNo close substitutesClose substitutes

Question 13

Identify in which one of the following market structures themarginal revenue is equal toprice?OligopolyMonopolistic competitionMonopolyPerfectcompetition

Question 14

Al Amariah Company wants to make the production at lowestpossible cost. Which one of the following measures it must focus insuch situation?Economic efficiencyTechnologicalefficiencyMarket informationMarket information

Question 15

In economics, the long run is observed as the time period inwhich we find:All factors of production are fixedAtleast one of the factors of production is fixedAll factors ofproduction are variableProfits are negative

Question 16

The price which is artificially imposed by law or government maybe termed as:Ceiling priceFloor priceEquilibriumpriceFlat price

Question 17

Which one of the following is average variable cost (AVC) if theoutput is 50 units and total variable cost isRO1000?9501002050

Question 18

Al Mudhish Company determines the price and output for itsproducts. Identify which one of the following features is RELEVANTto such market?Uniform PriceUse of Brand namePriceMakerExcess Capacity

Question 19

Which one of the following are functions of central planningauthority?Decides preference of products toproduceControl all resources of economyProfit motive but not socialbenefitNone of the given options are correct

Question 20

If the price of a product increases by 10% and demand decreasesby 25%. It is the situation of:Perfectly elasticdemandUnitary elastic demandRelatively elastic demandRelativelyinelastic demand