Question # 1

Ceteris paribus means:

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Other things remain the same

Assumptions of the law

Conditions of the law

All of them

If price increases but supply remains constant, it is called:

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Fall in supply

Contraction in supply

Expansion in supply

Rise in supply

When production of a firm increases then total variable costs

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Decrease

Increase

Remain constant

Do not change

Monopoly refers to:

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Single buyer

Single seller

Single producer

Both b and c

How many kinds are of positive economics

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Two

Three

Four

Five

One of the following is not included in the causes of deficit in balance of payments of a country

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Increase in exports

Increase in imports

Unfavourable terms of trade

Occurance of inflation

According to which economist, some factors are indivisble

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Adam Smith

Marshall

Davenport

Hobson

Public finance and private finance are of each other

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Opposite

Synonymous

Similar & different

None of three

In balance of payment are included

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Visible items

Invisible items

Visible and invisible items

Material items

Quantity of a commodity which is offered for sale in a market is called:

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Trade

Supply

Demand

Stock

The rate of change in Qd due to change in price is called:

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Rise in demand

Income Elasticity of demand

Price Elasticity of demand

Cross Elasticity of demand

If percentage change in supply is less than the percentage change in price, then elasticity of supply is called

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Equal to unity

Less than unity

More than unity

Zero

According to which economist, utility is measureable

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Marshall

Adam smith

Robbins

Keynes

Inductive method of deriving economic laws

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We move from general conditions to particulars conditions

We move from particular conditions to general conditions

Facts are stated in simple and easy way

Stated in general way

Saving deposits and time deposits of the banks, Govt. securities and shares of the companies are called

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Token money

Money of account

Standard money

Near money

To derive economic laws deductive method was adopted by

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Classical school of thought

Neo classical school of thought

Historical school of thought

Modern school of thought

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

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