Question # 1

If demand is not influenced by the changes in price, elasticity of demand will be

Choose an answer

Equal to unity

More than unity

Less than unity

Zero

Indirect taxes become cause of

Choose an answer

Increase in prices

Decrease in prices

Stability of prices

Change in prices

How many kinds of costs are in the short period

Choose an answer

Two

Three

Four

Five

If quantity supplied changed in response to change in price, is known as:

Choose an answer

Ed

Es

More Elastic

Less Elastic

Another name of unitary method is

Choose an answer

Total satisfiaction method

Total expenditure method

Total revenue method

Both 2nd and 3rd

Till marginal cost curve remains below the marginal revenue curve, from the economic point of view, increase in production for a firm is

Choose an answer

Beneficial

Unbeneficial

May be beneficial or unbeneficial

Neither beneficial nor unbeneficial

If supply of a commodity changes by more than 10% due to 10% change in its price, then elasticity of supply will be

Choose an answer

Equal to unity

More than unity

Less than unity

Infinite

Kinds of supply according to period of time are

Choose an answer

Two

Three

Four

Five

Monetary theory of trade cycle was given by:

Choose an answer

Joseph Schumpeter

Habson Foster

Jevons

Hawtray

Consumer goods are those goods which the consumers consume

Choose an answer

Directly

Indirectly

Sometimes

Never

Slope of marginal utility curve is

Choose an answer

Positive

Negative

Vertical

Horizontal

If the most part of total supply of commodity is produced by one firm, it is called

Choose an answer

Oligopoly

Monopoly

Perfect competition

Monopolistic competition

What type of nature of Zakat is

Choose an answer

Fixed

Non fixed

Elastic

Changes along with the change in income

Which is the Demand Curve of a frim

Choose an answer

Average Revenue Curve

Marginal Revenue Curve

Total Revenue Curve

Average cost curve

Marginal utility curve moves

Choose an answer

From left to right downward

From left to right upward

Parallel to ox axis

Parallel to oy axis

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

Choose an answer

Equal to unity

Less than unity

More than unity

Zero

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