Question # 1

If the percentage change in supply is more than the percentage change in price, then elasticity of supply is called

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Equal to unity

Less than unity

More than unity

Infinite

If the person has to pay the tax on whom it is levied, then it is called

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Direct tax

Indirect tax

Proportional tax

Progressive tax

Other name of law of equi marginal utility is

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Law of diminishing marginal utility

Law of demand

Law of constant return

Law of indifference

Initial utility is ______ individual utilities of all the units

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More than

Less than

Equal to

None of these

In comparative cost or comparative advantage theory, ratio is

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1x1 one good one country

2x2 two goods two countries

1x2 one good two countries

2x1 two goods one country

In which phase of a trade cycle national product, wages, prices and profits reach at their peak

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Recovery

Boom

Recession

Depression

Under monopoly, the slope of MR curve is:

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Twice the slope of AR curve

Less than the slope of AR curve

Greater than the slope of AR curve

Half the slope of AR curve

When supply curve shifts leftwards or up, it is called

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Rise of supply

Fall of supply

Extension of supply

Contraction of supply

Total product decreases, when marginal product is

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Positive

Negative

Zero

None of these

Which one of the following represents fixed cost

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Price of raw material

Wages

Capital goods

Wages of permanent labour

Who did criticise the definition of Robbins

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Marshall

J.B. Clark

Beveridge

Pigou

Because of increase in national income

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Standard of living rises

Standard of living falls

No change occurs

None of three

Are included in welfare economist

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Ricardo and J.S. Mill

Robbins and Keynes

Cannon and Pigou

Malthus and Keynes

When demand for goods and services rises, then velocity of circulation of money

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Increases

Decreases

Remains constant

Does not change

International Monetary fund is

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Local

Regional

National

International

Kinds of credit money are

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Verbal promise and written promise

Govt. securities & debentures

Cheque & Drafts

Share of Companies

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

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