Question # 1

Production of an additional unit of factor refers to:

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AP

TP

MP

MR

Inflation will be useful for

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Labourers

Consumers

Penioners

Industrialist

If we multiply margina product with price we get:

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MFC

MRP

TVC

Both a and b

The best definition of money is stated by

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Marhsall

Crowther

Keynes

Walker

Which kind of budget is better during the situation of deflation

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Deficit budget

Surplus budget

Balanced budget

National budget

When there is deflation, then prices

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Increase

Decrease

Remain constant

do not change

Marginal productivity theory was presented by:

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Pigou and Cannon

Adam Smith and F.A. Walker

Keynes and Semeulson

Marshall and J.B. Clark

By which money business dealing has become easy

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Metalic money

Paper money

Credit money

Near money

One of the following is not the cause of deflation

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Decrease in demand for goods

Decrease in consumption

Increase in quantity of money

Increase in supply of goods

Notes and coins are legal tender money because

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Government keeps gold and silver in their exchange

They are issued by the commercial banks

They are issued by the central bank

People are bound to accept them

The unit of money by which the value of goods and services is expressed is called

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Paper money

Money of account

Legal tender money

Near money

Inflation is created

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When demand for goods is less than their supply

When demand for goods is more than their supply

When demand for goods becomes equal to their supply

When demand and supply of goods do not change

One of the following is not the cause of inflation

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Increase in quantity of money

Increase in demand for goods

Increase in supply of goods

Increase in cost of production

Inconvertible paper money is issued by

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Central bank

Commercial bank

Industrial bank

Central government

Value of money means purchasing power of money. If quantity of money is doubled then

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Purchasing power of money will be one halved

Purchasing power of money will be doubled

Purchasing power of money will be tripled

There will be no effect on the purchasing power of money

One rupee note in paper money is

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Inconvertible paper money

Convertible paper money

Limited legal tender money

Unlimited legal tender money

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Principles of Economics Icom Part 1 English Medium Chapter 10 Online Test MCQs With Answers

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