Question # 1

Equilibrium price is determined where:

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D = S

D > S

D < S

Both (b) and (c)

Economics according to its scope is

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Science

Art

Science & Art

Only positive science

If the percentage change in supply is more than the percentage change in price, then elasticity of supply is called

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Equal to unity

Less than unity

More than unity

Infinite

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

If the income of the government is less than its expenditures, such budget is called

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Surplus budget

Deficit budget

Balanced budget

Capital budget

Which one factor is free gift of nature ?

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Land

Labour

Capital

Organization

If demand curve is parallel to x-axis, then elasticity of demand is

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Infinite

Zero

Equal to unity

More than unity

"National income is that part of material wealth of a nation which can be measured by the scale of money" This definition of national income is stated by the economist

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Marshall

Pigou

Adam smith

Clark

Inflation will be useful for

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Labourers

Consumers

Penioners

Industrialist

When total production decreases, marginal product is:

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Positive

Negative

Zero

Infinite

In Macro economies the vital role is played by:

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Marshall

J.R.Hicks

Robbins

Keynes

In law of constant return, marginal product

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Increases

Decreases

Remains constant

Remains changing

In law of increasing cost, marginal cost

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Increases

Decreases

Remains constant

Remains fixed

Concept of equilibrium level of national income in comprehensive way was presented by

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Professor keynes

Professor Marshall

Professor hicks

Professor Lipsay

Unit of account money in Pakistan is

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Rial

Rupee

Dollar

Pound

Number of beneficiaries of Zakat is stated in the holy Quran

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Five

Seven

Eight

Nine

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

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