Question # 1

How many kinds are of positive economics

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Two

Three

Four

Five

Wages of temporary labourers are

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Fixed cost

Marginal cost

Total cost

Variable cost

Who said that you can not become good citizen if you have no economist with you

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Marshall

Pigou

Keynes

Voton

Consumer goods are those goods which the consumers consume

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Directly

Indirectly

Sometimes

Never

Which is not studied in macro economics

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National income

Money and banking

Price theory

Public finance

Which curve represents demand curve also

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Marginal revenue

Average revenue

Total revenue

Marginal cost

Total utility increases when marginal utility is

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Positive

Negative

Zero

Minimum

A monopolist firm usually earns

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Normal profit

Abnormal profit

Minimum loss

Abnormal loss

To determine consumer's equilibrium, professor Marshall got help from the law

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Law of diminishing marginal utility

Law of equi marginal utility

Law of demand

Law of constant return

What is deducted from the GNP to get GDP

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Depreciation allowances

Net income received from abroad

Indirect tax

Transnfer payments

Quantity theory of money was introduced by:

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Fisher

Marshall

Crowther

J.S Mill

When average product increase, marginal product

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Decreases

Is zero

Is negative

Also increases

In which kind of economics, aggregate behaviors of the economy are reviewed

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Theoretical

Applied

Micro

Macro

When marginal utility is negative, total utility:

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Decreases

Increases

Does not change

Negative

Supply of perishable goods e.g. groceries, fruit, meat etc is

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Less elastic

More elastic

Perfectly inelastic

Perfectly elastic

Because of increase in national income

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Standard of living rises

Standard of living falls

No change occurs

None of three

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

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