Question # 1

Supply of durable goods is

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Elastic

Perfectly elastic

Perfectly inelastic

Less elastic

The factor which is needed to produce goods by the combination of land, labour and capital is called

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Land

Labour

Capital

Organization

Study of small units of an economic system is called

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Micro economics

Macro economics

Applied economics

All the three

The term "Price Taker" is used in:

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Perfect competition

Oliogopoly

Monopoly

Monopsony

"Public finance is that branch of economics which studies the revenue and expenditures of governments institutions, their inter-relationship and financial administration"
This definition is stated by

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Bastable

Armitage Smith

Marshall

Pigou

Modern theory trade cycle was presented by:

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Hawtrey

Habson Foster

Jevons

J.R Hicks

Methods for measurement of national income are:

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Two

Three

Four

Five

Capital goods are those which can satisfy human wants:

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Directly

Indirectly

Proportionate

None of these

If price of a commodity remains constant but its supply decreases or price increases but supply remains constant, it is called

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Rise of supply

Extension of supply

Fall of supply

Contraction of supply

A slight change in demand and price is called:

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Point Elasticity of demand

ArcElasticity of demand

CrossElasticity of demand

PriceElasticity of demand

Equilibrium level of national income means that point where:

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Consumption = Saving

Consumption = Investment

Saving = Investment

Income = Saving + Investment

Third factor of production is called

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land

labour

capital

organization

According to which economist, it is difficult to find marginal product

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Robbins and Keynes

Marshall and pigou

Adam Smith and Mathuls

Taussing and Davenport

The most clear and comprehensive definition of economics is given by

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Adam Smith

Alfred Marshall

Robbins

A.C. Pigou

In which year international monetary fund was established

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1941

1944

1945

1947

Which is not included in variable cost

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price of raw material

Advertisement expenditures

rent of builiding

wages of labour

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

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