Question # 1

The non-material activities which have the ability to satisfy human wants indirectly, are called

Choose an answer

Goods

Services

Satisfaction

None of the three

Income elasticity of demand is concerned with

Choose an answer

Income and consumption of wealth

Income and demand for good

Price and income of the consumer

Price and demand for good

When no satisfaction is attained by the consumption of a commodity, its marginal utility is

Choose an answer

Zero

Positive

Negative

Minimum

One of the following is not called land

Choose an answer

Rain

Mountain

Forests

Mangla Dam

Cannon,. Pigou and Pareto belonged to school of thought

Choose an answer

Classical

Neo classical

Keynesian

None of these

The exchange of goods and services from country to country is called

Choose an answer

Foreign

National trade

Corporate trade

Domestic trade

Who did write the book named "An enquiry into the nature and causes of the wealth of nations"

Choose an answer

Adam smith

Marshall

Robbins

Canon

One of the following is not included in the characteristics of land

Choose an answer

Land is a gift of nature

All the pieces of land are not equal infertility

Productive capacity of land is limited

Supply of land is unlimited

The sector of production, in which nature and human beings play an equal role, there is applicable

Choose an answer

Law of decreasing return

Law of decreasing cost

Law of increasing return

Law of constant return

The demand curve slopes

Choose an answer

upwards

Horizontal

vertical

downward to the right

When total production is maximum, marginal product is:

Choose an answer

Positive

Negative

Zero

Infinite

The base of international trade theory of Devid Ricardo is

Choose an answer

Absolute advantage

Comparative cost

Cheaper cost

Low cost

Market equilibrium take place where:

Choose an answer

D = S

D > S

D < S

Both (b) and (c)

If a person does not pay the amount of the tax from his own pocked on whom it is levied rather shifts its barden on some other person, then it is called

Choose an answer

Direct tax

Indirect tax

Proportional tax

Progressive tax

One of the following is not included in net national product

Choose an answer

Consumer goods

Capital goods

Capital formation

Consumer goods and capital goods

Production which is produced with a particular combination of factors of production, is called

Choose an answer

Total product

Average product

Marginal product

Positive product

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