Question # 1

Zakat is part of the present income

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20th

30th

40th

50th

Who did name Economics as the science of mammon worship and dismal science

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Marshall

Keynes

John Ruskin & Carlyle

Pigou

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

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Less elastic

More elastic

Perfectly inelastic

Perfectly elastic

Which is the Demand Curve of a frim

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Average Revenue Curve

Marginal Revenue Curve

Total Revenue Curve

Average cost curve

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

Income elasticity of demand is concerned with

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Income and consumption of wealth

Income and demand for good

Price and income of the consumer

Price and demand for good

Economic laws are

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Definite and universal

Of Conditional nature

Of moral nature

Of political nature

When total revenue is maximum, marginal revenue is

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More

Less

Constant

Zero

Equation of relationship between quantity of money and value of money, MV=PT is presented by the economist

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Prof Taussing

Prof Fisher

Prof Crowther

Prof Marshall

Market equilibrium is attained when there exists in the market

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Perfect competition

Imperfect competition

Monopoly

Large quantity of commodity comes in the market

Marginal productivity theory was presented by

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Adam Smith and Malthus

Marshall and J.B Clark

Robbins and Keyness

Pigou and Cannon

When price increases, supply:

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Contracts

Expands

Remains fixed

Becomes zero

On which of the following law of diminishing marginal utility is applicable

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Money and wealth

Diamonds and jewels

Goods of fashion

Necessities of life

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

Factors of production are:

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Two

Three

Four

Five

"Money is what money does" is the statements of:

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Robbins

Marshall

Hicks

Keynes

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

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