Question # 1

How many conditions of firm's equilibrium are there ?

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One

Two

Three

Four

If we deduct direct taxes from personal income, we get:

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NNP

GDP

DPI

PI

Formula method to measure elasticity of supply is related to

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Marshall

Robbins

R.G.D Allen

Flux

Under monopoly average revenue curve remains the marginal revenue curve

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Below

Above

Parallel

None of these

Who did write the book named "General theory of employment, interest and money

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Robbins

Pigou

Keynes

Cannon

According to Robbins, the basic concept of Economics is

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Political problem

Economic problem

Psychological problem

Religious problem

When total production decreases, marginal product is:

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Positive

Negative

Zero

Infinite

The difference between total revenue (TR) and total cost (TC) is called

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Loss

Profit

Profit or loss

Utility

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

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Token money

Standard money

Paper money

Credit money

If income of government is less than its expenditures, then it is a

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Surplus budget

Deficit budget

Development budget

Balanced budget

Market equilibrium take place where:

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D = S

D > S

D < S

Both (b) and (c)

Under monopoly, marginal revenue is _____ of output

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Decreasing function

Increasing function

Quadratic function

Cubic function

Initial utility is ______ individual utilities of all the units

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More than

Less than

Equal to

None of these

If face value is equal to the metal value of a coin, it is called as

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Paper money

Token money

Credit money

Standard money

The amount of money which a firm gets by selling a particular quantity of output, is called

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Average revenue

Marginal revenue

Total revenue

Fixed cost

If the demand for a commodity is less 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

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

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