Question # 1

When total production increases, marginal product is:

Choose an answer

Positive

Negative

Zero

Infinite

Vertical supply curve means

Choose an answer

Same quantity supplied at differented price

Different quantities supplied at one price

Different quantities supplied at different prices

None of three

Which kind of budget is better during the situation of inflation

Choose an answer

Deficit budget

Surplus budget

Balanced budget

Domestic budget

Economics according to its scope is:

Choose an answer

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

Choose an answer

Equal to unity

Less than unity

More than unity

Infinite

Which factor can not be stored

Choose an answer

Land

Labour

Capital

Organization

According to whom economist, National income is the name of the total of production of goods and services

Choose an answer

Adam smith

Marshall

Fisher

Pigou

Non elastic demand curve is

Choose an answer

positive

negative

vertical

horizontal

If the rate of change in price and quantity supplied is equal then:

Choose an answer

Es = 0

Es = 1

Es > 1

Es < 1

Dividing total fixed costs by the units of output, is attained

Choose an answer

Average fixed cost

Average variable cost

Average cost

Marginal cost

Price and demand has a relationship:

Choose an answer

Negative

Positive

Functional

Both a & c

Foreign exchange is used in

Choose an answer

Local trade

Regional trade

Domestic trade

International trade

The most clear and comprehensive definition of economics is given by

Choose an answer

Adam Smith

Alfred Marshall

Robbins

A.C. Pigou

Who did present unity method to measure elasticity of demand

Choose an answer

Adam Smith

Marshall

Robbins

keynes

If 30% change in supply in response to 50% change in price then:

Choose an answer

Es = 0

Es = 1

Es > 1

Es < 1

Firm earns abnormal profit, when

Choose an answer

AC=AR

AR>AC

AR<AC

AC=MC

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