Question # 1

The base of international trade theory of Devid Ricardo is

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Absolute advantage

Comparative cost

Cheaper cost

Low cost

Who is the Founder of macro economics ?

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Marshall

Malthus

Adam smith

Keynes

If currency can converted into gold, it is called:

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Convertible paper money

Inconvertible paper money

Bank Money

Both a and b

According to law of demand, curve moves from left to right downward. This type of tendency is called

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Positive tendency

Negative tendency

Extension and contraction of demand

Rise and fall of demand

Law of diminishing marginal utility provides basis for:

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Law of demand

Law of equi marginal utility

Law of supply

Both (a) and (b)

Who does determine the reserve price

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Buyer

Seller

Government

District adminitration

If supply decreases due to decrease in price, it is called

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Extension of supply

Contraction of supply

Rise of supply

Fall of supply

If demand does not change, then due to rise of supply

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity decreases

When demand and supply rise in equal propoertion, the equilibrium price will:

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Fall

Rise

Constant

None of those

What functional relationship is present between demand and price

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positive

inverse

increasing

none of these

A textile mill produces 2000 meters cloth. Entrepreneur offers 1500 meters cloth to sell at price Rs 100 per meter and 500 meters cloth keeps with him. Cloth kept by the entrepreneur is called

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Total production

Supply

Stock

Surplus production

Relationship of level of prices and quantity of money

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Positive

Negative

Indirect

2nd and 3rd both

In which year international monetary fund was established:

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1941

1944

1945

1947

Inflation is useful for

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Labourer

Consumers

Industrialist

Pensioners

To increase profit a firm minimises

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revenues

costs

demand

supply

Cannot be separated from labourer

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Land

Labour

Capital

Organization

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

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