Question # 1

Founder of new classical school of thought was

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Adam smith

Marshall

Robbins

Keynes

Under constant return, the slope of marginal product curve is

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Positive

Negative

Infinite

Zero

"The study of nature and principles of government expenditures and revenue is called public finance"
This definition is stated by

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Bastable

Armitage Smith

Ricardo

Robbins

If demand falls more proportionately then that of supply then

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity increases

The salient features of trade cycle are:

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National in nature

International in nature

Domestic in nature

All of these

One of the following is not monetary measure to control inflation

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Increase in bank rate

Open market operation

Increase in ratio of reserve capital

To create constant situation

Which factor has no pre-determined reward

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Land

Labour

Capital

Organization

Next best alternative use of resources is known as:

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Implicit cost

Explicit cost

Opportunity cost

Sunk cost

Basic characteristics of good money are

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General acceptability, durability

Homogeneity,divisibility

Transferability, recognizability, convertibility

All

Equilibrium level of national income means that point where

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Consumption = saving

Consumption = investment

Income = saving + investment

Saving = Investment

During recession demand for factors of production is

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More

Limited

Very low

Too much

Law of increasing return is more applicable in:

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Trade sector

Industrial sector

Agricultural sector

Power sector

Which combination of the following is of joint demand

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Tea and coffee

Petrol and car

Meat and grocery

Inkpot and book

When average cost falls marginal cost is ---------------- average cost

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More than

Less than

Equal to

A and C

When average cost falls, marginal cost is - - - - - - average cost

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Less than

More than

Equal to

None of three

National income means the income

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Which central government earns during a year

Which provincial government earn during a year

Total wealth of a country

Rewards which the factors of production get during a year

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

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