Question # 1

Monopoly refers to:

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Single buyer

Single seller

Single producer

Both b and c

Economics is a science

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Political

Spiritual

Social

Scientific

Comparative cost theory is also called

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Theory of comparison cost

Theory of specialization of cost

Theory of balanced cost

Theory of specialization of production

Under perfect competition in the long run a firm

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Always earns abnormal profit

Always earns normal profit

Usually earns abnormal profit

Usually faces loss

When no satisfaction is attained by the consumption of a commodity, its marginal utility is

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Zero

Positive

Negative

Minimum

Word of economics has been derived from "Oikonomos" which is word of the language

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French

Latin

Russian

None of them

When marginal utility is negative, total utility:

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Decreases

Increases

Does not change

Negative

Kinds of supply according to period of time are

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Two

Three

Four

Five

If in a production sector, along with the fixed factor of production, by increasing units of variable factors, marginal product remains constant, this tendency in economics is called

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Law of increasing return

Law of constant return

Law of decreasing return

Law of production

One of the following is a fixed capital:

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Raw material

Machinery

Saving certificate

None of these

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

In a production process, when units of variable factors along with the fixed factor of production are increased, marginal cost remains the same, this tendency in economics is called

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Law of decreasing cost

Law of constant cost

Law of increasing cost

Law of decreasing return

In comparative cost or comparative advantage theory, ratio is

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1x1 one good one country

2x2 two goods two countries

1x2 one good two countries

2x1 two goods one country

Mental or physical work undertaken for reward by human being is called

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Land

Labour

Capital

Organization

Method of measuring national income

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National income=Gross national product - depreciation allowance

National income= Net national product - Indirect costs

National income= Net national product + subsidies

National income= Net national product - indirect taxes + subsidies

"Principles of Economics" was written by.

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Adam smith

Marshall

Robbins

Canon

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

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