Question # 1

According to classical economics, production process is under laws

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Two

Three

Four

Five

"Purchasing power of money is inverse of level of prices. So study of purchasing power of money is identical with the study of level of prices." These are the words of

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Prof Irving Fisher

Prof Crowther

Prof Pigou

Prof Keynes

Which economist said that the term demand for money should be used instead of circulation of money

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Prof Keynes

Prof Marshall

Prof Crowther

Prof Fisher

Study of large units of the economy is known as:

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Micro economics

Macro ecnomics

Applied economics

All of them

Demand for Giffen goods is:

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Negative

Vertical

Positive

All of them

Of what nature state laws are

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Local

Regional

National

International

When total utility is increasing marginal utility is

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Zero

Positive

Negative

Maximum

national income is found by

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Subtracting depreciation allowance from gross national product

Subtracting indirect taxes from net national product

Adding subsidies in net national product

Subtracting indirect taxes and adding subsidies in net national product

Under perfect competition average revenue is equal to:

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Average cost

Price

Marginal revenue

Both b and c

The concept of utility is:

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Subjective

Moral

Objective

Neutral

Individuals of a country produce a certain quantity of goods and services using the resources of the country with the help of their capital, it is called national income this definition is presented by

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Professor Marshall

Professor Paul A Samuelson

Professor Fisher

Professor Pigou

Are included in welfare economist

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Ricardo and J.S. Mill

Robbins and Keynes

Cannon and Pigou

Malthus and Keynes

The percentage part of the agricultural produce is payable as Zakat which is irrigated by natural water

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5%

10%

15%

20%

The amount of money which a firm gets by selling a particular quantity of output, is called

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Average revenue

Marginal revenue

Total revenue

Fixed cost

According to which economist, it is difficult to find marginal product of a factor of production

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Marshall and pigou

Adam Smith and Malthus

Keynes

Taussing and Davenport

When supply changes due to other factors besides price, it is called

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Rise of supply

Fall of supply

Rise and fall of supply

Extension and contraction of supply

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

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