Question # 1

If price decreases but supply remains constant, it is called:

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Fall in supply

Contraction in supply

Expansion in supply

Rise in supply

Number of factors of production is

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One

Two

Three

Four

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

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Less than

More than

Equal to

None of three

At equilibrium price, demand and supply

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Increase

Become equal

Decrease

are different

Quantity of a commodity offered for sale in a market at a certain price during a given period of time, is called

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Stock

Demand

Supply

Quantity demanded

Period in national income counting is

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One year

Two years

Three years

Four years

Indirect taxes become cause of

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Increase in prices

Decrease in prices

Stability of prices

Change in prices

Equilibrium price is determined where:

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D = S

D > S

D < S

Both (b) and (c)

A textile mill produces 2000 meters cloth. Entrepreneur offers 1500 meters cloth to sell at price Rs 100 per meter and 500 meters cloth keeps with him. Cloth kept by the entrepreneur is called

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Total production

Supply

Stock

Surplus production

The tax which is levied on the sale of goods is called

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Income tax

Property tax

Gift tax

Sales tax

When total production is maximum, marginal product is:

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Positive

Negative

Zero

Infinite

Who said that you can not become good citizen if you have no economist with you

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Marshall

Pigou

Keynes

Voton

When there is a very small change in demand and price of a commodity, it is called

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Point elasticity

Arc elasticity

Cross elasticity

Income elasticity

The ratio of change in investment to change in income is known as:

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Multiplier

Accelerator

MEC

Both a and b

Who does determine the reserve price

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Buyer

Seller

Government

District adminitration

Balance of visible goods of a country mean

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Quantity of imports & exports

Value of imports & exports

Value of imported & exported goods and services

Value of imported & exported services

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

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