Question # 1

Difficulties in barter system:

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Lack of double coincidence of wants

Lack of storing value

Lack of common measure of value

All of these

When total revenue and total cost of a firm are equal, the firm earns

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Abnormal profit

Normal profit

Normal loss

Abnormal loss

One of the following is not included in the branches of public finance

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Public revenue

Welfare of the people

Public expenditure

Public debt

Economics studies human behaviour from

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Individual angle

Collective angle

Individual & Collective angle

None

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

Theory of innovations was presented by:

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Joseph Schumpeter

Habson Foster

Jevons

J.R Hicks

Consumer's equilibrium takes place at that point where:

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MU is negative

MU is positve

TU is maximum

MU is maximum

Quantity supplied of a commodity extends because

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Population changes

Change occurs in assumtions of law of supply

Income of the entrepreneur increases

Price of the commodity increases

Net foreign income means:

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Import - Exports

Exports - Imports

Import + Exports

Income from imports

If we subtract direct taxes from personal income, we get

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Net national income

Net domestic income

Disposable personal income

Personal savings

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

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Beneficial

Unbeneficial

May be beneficial or unbeneficial

Neither beneficial nor unbeneficial

Price and demand has a relationship:

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Negative

Positive

Functional

Both a & c

If same amount of good is supplied at higher price, it is called

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Expansion of supply

Contraction of supply

Fall in supply

Rise in supply

Reward of capital is called

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Rent

Wage

Interest

Profit

According to which theory every factor of production gets the reward of its services equal to its marginal product

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Demand and supply theory

Liquidity preference theory

Marginal productivity theory

Uncertainty theory

Increasing marginal product shows the law

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Law of increasing return

Law of constant return

Law of decreasing return

Law of diminishing marginal utility

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

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