Question # 1

The term "inflation" means:

Choose an answer

Rapid increase in price level

Decrease in price level

General increase in price level

Both a and c

When total product decreases, marginal product

Choose an answer

Is positive

Is negative

Is zero

Is increasing

Which economist stated that utility is not measurable

Choose an answer

Adam Smith

Marshall

Cannon

Hicks

Desire + Purchasing power is equal to:

Choose an answer

Demand

Supply

Income

Utility

There exists a relationship between inflation and deflation

Choose an answer

Increasing

Inverse

Indirect

None of three

Law of diminishing marginal utility provides basis for:

Choose an answer

Law of demand

Law of equi marginal utility

Law of supply

Both (a) and (b)

When general price level increases due to increase in aggregate demand, it is known as?

Choose an answer

Stagflation

Hyper inflation

Demand pull inflation

Cost push inflation

Law of increasing return is more applicable in:

Choose an answer

Trade sector

Industrial sector

Agricultural sector

Power sector

Cause of positive slope of supply curve

Choose an answer

Change in cost of production

Fear of increase in cost of production and decrease in profit

Change in technique of production

Increase in per unit profit due to increase in price

Methods for measurement of national income are:

Choose an answer

Two

Three

Four

Five

In balance of payment are included

Choose an answer

Visible items

Invisible items

Visible and invisible items

Material items

Who did write the book named "An enquiry into the nature and causes of the wealth of nations"

Choose an answer

Adam smith

Marshall

Robbins

Canon

Not acting upon economic laws

Choose an answer

One gets punishment

Economy faces loss

Only the people not acting, face loss

No one is influenced

Who did write the book named "Principles of Economics" was written

Choose an answer

Adam smith

Marshall

Robbins

Cannon

Study of small units of the economoy is known is:

Choose an answer

Micro economics

Macro economics

Applied economics

All of them

Which one of the following is included in balance of trade

Choose an answer

Visible goods

Invisible goods

Visible & invisible goods

All the three

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer