Question # 1

Income received without any economic services:

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National Income

Transfer payments

Interest

Profit

Supply curve moves from left to right upward, this tendency is called

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Negative

Positive

Horizontal

Vertical

Total utility increases when marginal utility is

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Positive

Negative

Zero

Minimum

Demand for luxuries in

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Les elastic

More elastic

Perfectly elastic

Perfectly inelastic

Which economist explained the absolute difference of cost of two good between two countries

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Malthus

Adam Smith

Ricardo

J.S Mill

When there is inflation attached with high unemployment level, it is called ?

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Stagflation

Hyper inflation

Demand pull inflation

Cost push inflation

When demand increases due to change in other factors it is known as:

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Contraction in demand

Expansion and contraction in demand

Expansion in demand

Rise in demand

If supply is fixed then due to fall of demand

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Equilibrium price decreases

Equilibrium quantity increases

Equilibrium price increases

Equilibrium price does not change

A system where the goods are exchanged with money is known as:

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Monetary system

Barter system

Coins system

Modified system

Finance minister in order to increase the public revenue imposes the tax on the commodities whose demand is more elastic

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At low rate

At high rate

Some times decreases the rate and some times increases

Does not change Tax rate

Inflation is created

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When demand for goods is less than their supply

When demand for goods is more than their supply

When demand for goods becomes equal to their supply

When demand and supply of goods do not change

Unity method to measure elasticity of demand was presented by

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Adam smith

Robbins

Marshall

Keynes

If income of government is more than its expenditures, then it is a

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Surplus budget

Deficit budget

Development budget

Balanced budget

Mental or physical work undertaken for reward by human being is called

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Land

Labour

Capital

Organization

If demand does not change, then due to fall of supply

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Equilibrium price increases

Equilibrium price decreases

Equilibrium quantity increases

One condition which is not included in perfect competition conditions

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Homogeneity of product

Difference in price

Large number of buyers and sellers

Perfect knowledge of the market

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

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