Question # 1

According to Prof. Kitchen a trade cycle completes in

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Two years six months

Three years or Fifty years

Fifty years or Sixty years

Sixty years or Seventy years

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

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Token money

Standard money

Paper money

Credit money

Laws cannot be predicted

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Scientific laws

Moral laws

Economic laws

Natural laws

In economics, every mental or physical struggle undertaken for reward, is called

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Land

Labour

Capital

Organization

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

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Equal to unity

Less than unity

More than unity

Elasticity of demand = zero

Who does determine the reserve price

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Buyer

Seller

Government

District adminitration

The supply curve of Fish is

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More elastic

Less elastic

Inelastic

Infinite elastic

Economics according to its scope is:

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Science

Art

Science & Art

Only positive science

Economic problem arises because human wants

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Are unlimited

Are limited

Do not exists

None of three

Which laws are framed by parliament

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State laws

Moral laws

Economic laws

Scientific laws

Human wants are:

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Limited

Unlimited

Re-appear

Both (b) and (c)

Which is the Demand Curve of a frim

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Average Revenue Curve

Marginal Revenue Curve

Total Revenue Curve

Average cost curve

The coins whose current price is greater than their intrinsic value, are called

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Standard coins

Paper money

Token money

Credit money

The money which is not in the form of net cash and is not used at once for business dealing is called

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Near money

Legal Tender money

Credit money

Paper money

In macro economics, what kind of problems can be discussed

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International trade

Consumers behavior

Problems of a firm

Determination of price

When marginal utility is positive, total utility

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Goes on decreasing

Goes on increasing

Does not change

Is zero

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

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