Question # 1

If demand and supply both fall in the same proportion

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity increases

The factor of production which is result of human struggle.

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Land

Labour

Capital

Organization

What remains after the deduction of direct tax from the personal income

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NNP

NNI

DPI

GNP

The systematic record of the money value of visible exports and visible imports of one year of country is called

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Balance of trade

Balance of payment

International balance

External balance

Usually market price is ____________ normal price

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Equal to

Less than

More than

None of these

Other tern used for demand for factor is:

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Initial demand

derived demand

Direct demand

Cross demand

One of the following is non economic want:

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Car

Bike

Fan

Self respect

Which economist did present, cardinal theory of utility

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Marshall

Karoos

Cannon

J.B. Say

Which one of the following stated the canons of taxation first

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Adam Smith

Marshall

Robbins

Keynes

Who did give economics the status of positive science

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Marshall

Robbins

Cannon

Pareto

Unity method to measure elasticity of supply is presented by

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Adam Smith

Robbins

Marshall

Faruson

The innovation theory of trade cycles was presented by

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Hayek

Hawtray

Schumpeter

Pigou

Inflation will be useful for

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Labourers

Consumers

Penioners

Industrialist

Quantity theory of money was criticized by:

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Marshall

Sameulson

Keynes

Both b and c

MC cuts AC at:

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Maximum point

Minimum point

Increasing point

Decreasing point

Consumer's behaviour means:

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Selection

Purchase

Sale

Both (a) and (b)

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

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