Question # 1

Supply of perishable goods is

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More elastic

less elastic

Perfectly inelastic

infinite elasticity of supply

Factors of production are more mobile

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In international trade

In the country

In both

In none

Writing of the same behavior of the people in particular arrangement and words is called

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Normative science

Positive science

Economic law

Scientific law

Who said that economics is the science of wealth ?

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Adam Smith

Robbins

Marshall

Pigou

Phases of trade cycle are:

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Three

Four

Five

Six

If supply goes on increasing due to a slight increase in price, then elasticity of supply is called

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Zero

Infinite

Equal to unity

More than unity

Self owned resources are known as:

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Implicit cost

Explicit cost

Opportunity cost

Sunk cost

Market value of all final goods and services is known as:

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N.I

G.N.P

N.N.P

Both a and b

Unitary method is also known as:

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Total revenue

Total satisfaction

Total utility

Total expenditure

When marginal utility is positive, total utility:

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Decreases

Increases

Zero

All of them

Relationship of value of money with quantity of money is

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Direct

Indirect

Inverse

Positive

Economics is basically divided into two parts

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Micro and macro economics

Micro and applied economics

Theoretical and applied economics

Welfare and applied economics

Under constant return, the slope of marginal product curve is

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Positive

Negative

Infinite

Zero

Basic object of a firm is to get maximum:

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Price

Profit

Production

All of three

The most appropriate definition of money was given by:

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F.A.Walker

Keynes

Pigou

Crowther

Which one is not condition of perfect competition

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Homogeneity of good

Difference in price of good

Large number of buyers and sellers

Perfect knowledge of market

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

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