Question # 1

Who said that economics is science of wealth

Choose an answer

Adam smith

Robbins

Marshall

Pigou

No factor can take the place of any other factor, it is explained by

Choose an answer

Law of decreasing return

Law of constant return

Law of increasing return

Law of return

Deductive method of deriving economic laws

Choose an answer

We move from general conditions to particular conditions

We move from particular conditions to general conditions

Stated in general way

Different incidents are kept in view

Relationship of value of money with quantity of money is

Choose an answer

Direct

Indirect

Inverse

Positive

"A trade cycle is fluctuation in employment, production and prices" This definition of Trade cycle is stated by

Choose an answer

Prof Keynes

Prof Mitchall

Prof Hanson

Prof Haberler

After achieving point of Satiation the total utility starts

Choose an answer

Rising

Declining

Remains constant

None of these

In the market period supply is:

Choose an answer

Variable

Fixed

Zero

Positive

If supply of a commodity is fixed, it is called

Choose an answer

Market supply

Short period supply

Long period supply

Middle period supply

Rise of supply can be shown with the help of

Choose an answer

A supply curve

More than one supply curves

Fixed supply curve

Vertical supply curve

In case of international trade, trade restrictions are usually

Choose an answer

Limited

More

Too much

None of three

One of the following is not fiscal measure to control inflation

Choose an answer

Decrease in public expenditures

Increase in taxes

Encouragement of savings

Increase in investment

If total expenditure of the consumer increases due to decrease in price, then nature of elasticity of demand will be

Choose an answer

Equal to unity

Less than unity

More than unity

Elasticity of demand = zero

A monopolist controls the supply

Choose an answer

Totally

Partially

More

Not at all

The paper notes which can not be converted in gold, silver, or foreign exchange, are called

Choose an answer

Standard money

Convertible paper money

Inconvertible paper money

Legal tender money

Formula method to measure elasticity of supply is related to

Choose an answer

Marshall

Robbins

R.G.D Allen

Flux

A good thing in public finance

Choose an answer

Expenditures are more than income

Income is more than expenditure

Income is equal to expenditure

b and c both

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer