Question # 1

Formula method to measure elasticity of supply is related to

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Marshall

Robbins

R.G.D Allen

Flux

The money in which payment can be made only to certain extent is called

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Unlimited legal tender money

Limited legal tender money

Metallic money

Paper money

Equilibrium of national income is, when

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S > 1

S = 1

S < 1

S and 1

In which phase of a trade cycle national product, wages, prices and profits reach at their peak

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Recovery

Boom

Recession

Depression

Methods of deriving economic laws are

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Two

Three

Four

Five

Consumer's equilibrium takes place at that point where:

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MU is negative

MU is positve

TU is maximum

MU is maximum

Transfer payments are included in

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Gross domestic income

National income

Disposable personal income

Personal income

MC cuts AC at:

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Maximum point

Minimum point

Increasing point

Decreasing point

The goods which can be used in place of each other, are called

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Complimentary goods

Substitute goods

Alternative goods

Jointly demanded goods

Who did name economics as science of satisfying unlimited wants with limited means

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Marshal

Adam Smith

Robbins

Pigou

National income is measured for:

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One year

Two years

Three years

Four years

According to which economist, utility is measureable

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Marshall

Adam smith

Robbins

Keynes

The formula of calculating total revenue is

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P x Q

P x AC

AC x Q

TC / Q

Which one is not condition of perfect competition

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Homogeneity of good

Difference in price of good

Large number of buyers and sellers

Perfect knowledge of market

The power of a good or service to satisfy a human want is called:

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Value

Price

Utility

All of them

Who did name Economics as the science of mammon worship and dismal science

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Marshall

Keynes

John Ruskin & Carlyle

Pigou

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

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