Question # 1

During depression

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Employment increases

Prices decrease

Profit increases

Prices increase

When average cost increases, marginal cost is - - - - - - average cost

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Less than

More than

Equal to

None of three

If MC=MR=AR=AC=P, then a firms gains:

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Super profit

Normal profit

Normal loss

Abnormal loss

When general price level increases due to increase in cost of production, it is known as ?

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Stagflation

Hyper inflation

Demand pull inflation

Cost push inflation

Which one of the following is included in balance of trade

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Visible goods

Invisible goods

Visible & invisible goods

All the three

Causes of shifting in supply curve is:

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Change in technique

Change in cost

Change in tax

All of them

Under monopoly, in the long run a firm

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Earns normal profit

Earns abnormal profit

Bears minimum loss

Bears abnormal loss

The rate change in total cost is:

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TR

MC

MR

TC

According to Marshall, Economics is

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Social Science

Correcting science

Positive science

Moral science

If same amount of good is supplied at higher price, it is called

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Expansion of supply

Contraction of supply

Fall in supply

Rise in supply

"Purchasing power of money is inverse of level of prices. So study of purchasing power of money is identical with the study of level of prices." These are the words of

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Prof Irving Fisher

Prof Crowther

Prof Pigou

Prof Keynes

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

Economics is a science:

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Political

Spiritual

Social

Scientific

When supply curve shifts leftwards or up, it is called

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Rise of supply

Fall of supply

Extension of supply

Contraction of supply

Cause of positive slope of supply curve

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Change in cost of production

Fear of increase in cost of production and decrease in profit

Change in technique of production

Increase in per unit profit due to increase in price

If the rate of tax increase with the increase of level of income, is called

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Progressive tax

Proportional tax

Regressive tax

Value added tax

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

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