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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
Industry is in equilibrium under perfect competition in the long run, when every existing firm in the industry
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Is earning abnormal profit
Is earning normal profit
Is facing minimum loss
Is facing abnormal loss
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Question # 2
Functions of money are
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Medium of exchange
Common measure of value
Store of value
All the three
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Question # 3
If demand did not influence by the charge in price, that is called:
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Elasticity of demand = 1
Elasticity of demand < 1
Elasticity of demand > 1
Elasticity of demand = 0
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Question # 4
Expenses of wears and tears of machinery are called
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Productive expenses
Non productive expenses
Wages
Depreciation expenses
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Question # 5
Unitary method for Elasticity of demand was presented by:
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Marshall
Keynes
Robbins
Adam smith
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Question # 6
With an increase in the price of any good its substitutes will have
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a fall in its price
an increase in its prices
an increase in its demand
a decrease in its price
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Question # 7
One of the following is not assumption of law of diminishing marginal utility
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Same nature of the commodity
Consumption of the commodity with intervals
Suitable quantity of the commodity
No change in consumers mental condition
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Question # 8
Quantity of a commodity which the consumers are ready to purchase at a particular price, is called
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Demand
Supply
Stock
Demand and supply
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Question # 9
Government estimates its income and expenditures
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Monthly
Three monthly
Six monthly
Annual
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Question # 10
Founder of modern school of thought:
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Adam smith
Marshall
Ricardo
Robbins
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Question # 11
Laws cannot be predicted
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Scientific laws
Moral laws
Economic laws
Natural laws
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Question # 12
If supply of a commodity is fixed, it is called
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Market supply
Short period supply
Long period supply
Middle period supply
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Question # 13
One of the following is not included in the public expenditures
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Courts
Fee
Public administration
Defence
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Question # 14
Under perfect competition:
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AR > MR
AR < MR
AR = MR
All of three
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Question # 15
Reserve price of a commodity is that price
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Which is more than the cost of production of the seller
At which the seller sells his commodity tn the market
Which is equal to the cost of production of the seller
Below which the seller is not ready to sell his commodity
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Question # 16
Under constant return, the slope of marginal product curve is
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Positive
Negative
Infinite
Zero
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