Question # 1

When supply increases due to rise price, it is called:

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Fall in supply

Contraction in supply

Expansion in supply

Rise in supply

One of the following is not included in the characteristics of labour

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Labour and labourer cannot be separated

Labour can be stored

Labour has limited mobility

Supply of labour is inelastic

Cardinal utility approach was presented by:

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Adam smith

Keynes

Robbins

Marshall

Which is not studied in micro economics

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Theory of consumer behavior

Price theory

Theory of money

Theory of distribution of wealth

Quickly destroyable goods are called

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Superior goods

Inferior goods

Perishable goods

Giffen godds

Who did separate economics from political science for the first time

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Marshall

Malthus

Adam smith

Ricardo

Because of devaluation of currency of a country, its exports

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Decrease

Increase

Remains constant

Go on changing

Marginal utility always:

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Decreases

Increases

Zero

Negative

If demand changes by 10% due to 10% change in price, then elasticity of demand is called

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Equal to unity

More than unity

Less than unity

Infinite

Increasing marginal product shows the law

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Law of increasing return

Law of constant return

Law of decreasing return

Law of diminishing marginal utility

Micro economics studies related to

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National income

Unemployment

Trade cycle

Consumer's behavior

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

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Less than

More than

Equal to

None of three

If total expenditure of the consumer increases due to decrease in price, then nature of elasticity of demand will be

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Equal to unity

Less than unity

More than unity

Elasticity of demand = zero

The base of international trade theory of Devid Ricardo is

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Absolute advantage

Comparative cost

Cheaper cost

Low cost

Who said that economics is neutural science ?

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Pigou

Keynes

Robbins

Marshall

------------ is not included in gross domestic product

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Private investment

Income received from foreign country

Depreciation allowance

Govt. investment

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

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