Question # 1

The systematic record of visible and invisible exports and imports of a country in one year is called

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Balance of trade

Balance of payment

External balance

Internal balance

If demand is not influenced by the changes in price, elasticity of demand will be

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Equal to unity

More than unity

Less than unity

Zero

River, sea, forests, rain are called

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Land

Labour

Capital

Organization

Which is not counted in national income

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Interests

transfer payments

Profits

Rents

Economics according to its scope is

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Science

Art

Science & Art

Only positive science

Self owned resources are known as:

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Implicit cost

Explicit cost

Opportunity cost

Sunk cost

Change in total production is called

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Marginal production

Zero production

Total production

Average production

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 money whose face value and intrinsic value are equal, is called

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Token money

Standard money

Paper money

Credit money

Reserve price of a commodity is that price

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Which is more than the cost of production of the seller

At which the seller sells his commodity tn the market

Which is equal to the cost of production of the seller

Below which the seller is not ready to sell his commodity

Which statement is called subject matter of economics

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Problems of working individuals and their solution

Planning of increase in production

Unlimited wants and limited means

Solution of problems of the individuals living away from the society

The term "Price Maker" is used in:

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Perfect competition

Oliogopoly

Monopoly

Monopsony

In balance of payment are included

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Visible items

Invisible items

Visible and invisible items

Material items

If the demand for a commodity is more elastic, then an entrepreneur in order to increase his profit

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Will increase its price

Will decrease its price

Will not change its price

None of these

To derive economic laws inductive method was adopted by

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Classical school of thought

Neo classical school of thought

Historical school of thought

Modern school of thought

One of the following is not the difficulty of the barter system

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Indivisibility of goods

Lack of common measure of value

Double coincidence of wants

Lack of store of value

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

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