Question # 1

Demand for good like Television and VCR is

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Less elastic

More elastic

Perfectly inelastic

Infinitely elastic

Zakat means

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Growth

Purification

Tax

Both 1st and 2nd

Economic laws are:

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Definite and universal

Conditional

Moral

Political

Deductive method of economic study.

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Systematic

General to particular

Universal to particular

Both (b) and (c)

Which factor is helpful for earning more income ?

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Land

Labour

Capital

Organization

When supply increases due to other factors besides price, it is called

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Extension of supply

Contraction of supply

Rise of supply

Fall of supply

Marginal revenue product curve is called

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Demand curve of the firm

Supply curve of the firm

Demand curve of the industry

Supply curve of industry

One of the following is not monetary measure to control inflation

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Increase in bank rate

Open market operation

Increase in ratio of reserve capital

To create constant situation

Nature of inter-relationship of average revenue and marginal revenue under perfect competition is

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Average revenue remains more than marginal revenue

Average revenue remains less than marginal revenue

Marginal revenue remains less than average revenue

Average revenue remains equal to marginal revenue

Quantity theory of money was criticized by:

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Marshall

Sameulson

Keynes

Both b and c

One of the following is not the characteristic of money

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General acceptability

Durability

Non homogeneity

Convertibility

TC = TFC +:

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MC

AR

TVC

TAC

Which one is not studied in micro economic

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National income

Consumer behavior

Market equilibrium

Firm's equilibrium

Number of beneficiaries of Zakat is stated in the holy Quran

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Five

Seven

Eight

Nine

The ratio of change in investment to change in income is known as:

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Multiplier

Accelerator

MEC

Both a and b

When marginal utility is negative, then total utility

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Decreases

Increases

Does not change

Becomes negative

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

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