Question # 1

One of the following is a fixed capital:

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Raw material

Machinery

Saving certificate

None of these

Non elastic demand curve is

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positive

negative

vertical

horizontal

The costs which the firm has to bear in every condition in the short period, are called

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Total costs

Fixed costs

Variable costs

Marginal costs

The quantity of commodity which exists in warehouse (stock) of the seller is called

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Supply

Demand

Stock

All of these

Meaning of Economics:

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State management

Trade management

Household management

All of them

Mental or physical work undertaken for reward by human being is called

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Land

Labour

Capital

Organization

Factors of production are more mobile

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In international trade

In the country

In both

In none

In Macro economies the vital role is played by:

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Marshall

J.R.Hicks

Robbins

Keynes

Total utility decreases when marginal utility is

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Positive

Negative

Zero

Maximum

Transfer payments are included in

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Gross domestic income

National income

Disposable personal income

Personal income

If the demand for a commodity is more elastic, then an entrepreneur in order to increase his profit

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Will increase its price

Will decrease its price

Will not change its price

None of these

To derive economic laws inductive method was adopted by

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Classical school of thought

Neo classical school of thought

Historical school of thought

Modern school of thought

Demand for the commodities having different uses

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Less elastic

More elastic

Perfectly inelastic

Infinitely elastic

Laws cannot be predicted

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Scientific laws

Moral laws

Economic laws

Natural laws

If in a production sector, along with the fixed factor of production, by increasing units of variable factors, marginal product remains constant, this tendency in economics is called

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Law of increasing return

Law of constant return

Law of decreasing return

Law of production

The money whose face value and intrinsic value are equal, is called

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Token money

Standard money

Paper money

Credit money

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

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