Question # 1

Duopoly refers to:

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Single seller

Two seller

Multiple sellers

Multiple buyers

Which laws are conditional

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State

Economic

Scientific

Moral

Which one is not studied in micro economic

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National income

Consumer behavior

Market equilibrium

Firm's equilibrium

Cause of shifting of supply curve is

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Change in price

Other factors

Change in tax

Change in income

Marginal utility at the point of satiety is

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Zero

Positive

Negative

Initial

Marginal utility curve moves

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From left to right downward

From left to right upward

Parallel to ox axis

Parallel to oy axis

If supply of a commodity is fixed, it is called

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Market supply

Short period supply

Long period supply

Middle period supply

If there is slight change in price and demand, it is called

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Arc elasticity

Point elasticity

Income elasticity

Cross elasticity

The number of laws of cost are

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One

Two

Three

Four

Relationship between price of a commodity and demand for it exists

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Positive

Inverse

Indirect

None of these

Supply curve slope is:

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Positive

Vertical

Negative

Horizontal

One of the following is not advantage of international trade

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Provision of necessities of life

Imperfections of market

Provision of medicines & machinery

Provision of necessities of defence

Barter economy means the economy in which no good is generally accepted and goods are exchanged with goods. This definition is stated by the

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Prof Marshall

Stanlay Fisher

Culberon

Walker

Meteorological theory of trade cycle was presented by:

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Joseph Schumpeter

Habson Foster

Jevons

Hawtray

Study of large units of the economy is known as:

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Micro economics

Macro ecnomics

Applied economics

All of them

The term demand in economics means:

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Desire

Purchasing

Need

Both (a) and (b)

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

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