Question # 1

Quickly destroyable goods are called

Choose an answer

Superior goods

Inferior goods

Perishable goods

Giffen godds

Concept of law of diminishing marginal utility was presented by professor

Choose an answer

Marshall

Robbins

Keynes

Pigou

Which side of life of human being is analysed in economics

Choose an answer

Political

Social

Economic

Moral

Under Monopoly, a firm is in equilibrium position when Ed is:

Choose an answer

Equal to unity

Less than unity

Grater than unity

Both b and c

Id demand changes by less than 10% due to 10% change in price, then elasticity of demand is called

Choose an answer

Equal to unity

More than unity

Less than unity

Infinite

If supply curve is vertical (parallel to y-axis), then elasticity of supply is

Choose an answer

Zero

Infinite

Equal to unity

More than unity

Net National product is equal to

Choose an answer

GNP + Depreciation expenditure

GDP + Depreciation expenditure

GNP - Depreciation expenditure

GDP - Depreciation expenditure

During the phase of recovery prices, wages, interest rate and profits

Choose an answer

Start falling gradually

Start rising gradually

are highest

are lowest

If a monopolist wants to increase the sale of its product, it will have to --------- the price of its good

Choose an answer

Decrease

Increase

Keep constant

None of the three

Curve of law of diminishing marginal utility

Choose an answer

Moves from left to right downward

Moves from left to right upward

Firstly it has a tendency to rise up and after a certain limit it starts falling

It is parallel to ox-axis

Because of indirect taxes, prices

Choose an answer

Decrease

Remain constant

Increase

Do not change

If we deduct depreciation from GNP, we get:

Choose an answer

P.I

G.D.P

D.P.I

N.N.P

Supply of perishable goods is

Choose an answer

More elastic

less elastic

Perfectly inelastic

infinite elasticity of supply

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

Choose an answer

Average fixed cost

Average variable cost

Average cost

Marginal cost

The cause of shifting of supply curve is

Choose an answer

Change in price

Other factors

change in serving

change in demand

To increase profit a firm minimises

Choose an answer

revenues

costs

demand

supply

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