Question # 1

Quantity of a commodity which a person is ready to purchase at a particular price, is called

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Individual demand

Market demand

Supply

Market Supply

Payment of zakat is compulsory for ----------- living in Islamic Country

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Every person

Every Muslim

Only Poor Muslim

Only Sahib-e-Nisab Muslim

The subject matter of Macro Economics is

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Consumer's behavior

International trade

Firm's behavior

Price mechanism

Direct taxes are not included in:

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Personal income

G.N.P

G.D.P

Disposable personal income

First and basic law of consumption is

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Law of demand

Law of decreasing return

Law of supply

Law of diminishing marginal utility

Which economist explained the absolute difference of cost of two good between two countries

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Malthus

Adam Smith

Ricardo

J.S Mill

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

If there is slight change in price and demand, it is called

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Arc elasticity

Point elasticity

Income elasticity

Cross elasticity

Which one of the following is not included in the assumptions of law of supply

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taste of consumer

cost of production

Methods of production

price of raw material

When average cost curve id falling, then marginal cost curve

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Remains below it

Remains above it

Remains parallel to it

Is vertical

Market value of all final goods and services is known as:

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N.I

G.N.P

N.N.P

Both a and b

The base of international trade theory of Adam Smith is

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Absolute advantage

Comparative cost

Cheaper cost

Low cost

Quantity theory of money was criticized by:

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Marshall

Sameulson

Keynes

Both b and c

Which one is not condition of perfect competition

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Homogeneity of good

Difference in price of good

Large number of buyers and sellers

Perfect knowledge of market

When demand increases due to change in other factors it is known as:

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Contraction in demand

Expansion and contraction in demand

Expansion in demand

Rise in demand

National income is total of

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Incomes of all entrepreneurs of the country

Incomes of all industrialists of the country

Incomes of all salaried persons of the country

Incomes of all the people of the country

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

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