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

image
image
image

Principles of Economics Icom Part 1 English Medium Online Test

Sr. # Questions Answers Choice
1 When demand increases due to change in other factors it is known as: Contraction in demand Expansion and contraction in demand Expansion in demand Rise in demand
2 In case of fall in demand, demand curve shifts: Left side Right side Downward Both (a) and (c)
3 In case of rise in demand, demand curve shifts: Right side Downward Upward (a) and (c)
4 Movement on the same demand curve is called: Increase is demand Rise and fall in demand Decrease in demand Expansions and contraction in demand
5 Demand for Giffen goods is: Negative Vertical Positive All of them
6 Some inferior goods having expensive substitutes are known as: Economic goods Giffen goods Non-economic goods Free goods
7 Price and demand has a relationship: Negative Positive Functional Both a & c
8 Desire + Purchasing power is equal to: Demand Supply Income Utility
9 The term demand in economics means: Desire Purchasing Need Both (a) and (b)
10 The price of non-economic want is always: Very high Very Low Negative Zero
11 Who said that utility cannot be measured Adam smith Marshall Keynes Hicks
12 One of the following is non economic want: Car Bike Fan Self respect
13 Consumer's equilibrium takes place at that point where: MU is negative MU is positve TU is maximum MU is maximum
14 TU is maximum where MU of all goods is: Minimum Maximum Negative Equal
15 Law of equi-marginal utility is also known as: Total utility maximizing law Law of substitution Law of indifference All of them
Download This Set
×