Question # 1

Which is not studied in micro economics ?

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Theory of consumer behaviour

Price theory

Theory of money

Theory of distribution of wealth

Walker, senior and Malthus belonged to school of thought

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Classical

Neo classical

Keynesian

None of these

Concept of equilibrium level of national income in comprehensive way was presented by

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Professor keynes

Professor Marshall

Professor hicks

Professor Lipsay

The second name of law of constant return is

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Law of decreasing cost

Law of increasing cost

Law of cost

Law of constant cost

There exists a relationship between inflation and deflation

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Increasing

Inverse

Indirect

None of three

In case of horizontal supply curve, Es is:

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Mero than unity

Less than unity

Zero

Infinite

Which is the Demand Curve of a frim

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Average Revenue Curve

Marginal Revenue Curve

Total Revenue Curve

Average cost curve

Convertible paper money is issued by

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Central bank

Commercial bank

Industrial bank

Central government

Net National product is equal to

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GNP + Depreciation expenditure

GDP + Depreciation expenditure

GNP - Depreciation expenditure

GDP - Depreciation expenditure

Which laws are definite and universal

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Economic laws

Moral laws

State laws

Scientific laws

Under monopoly, marginal revenue is _____ of output

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Decreasing function

Increasing function

Quadratic function

Cubic function

Marshall belonged to the country

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America

England

France

Japan

Marginal productivity theory was presented by:

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Pigou and Cannon

Adam Smith and F.A. Walker

Keynes and Semeulson

Marshall and J.B. Clark

MRP curve is slopping:

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Negative

Positive

Downward

Both a and c

One of the following is not advantage of international trade

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Provision of necessities of life

Imperfections of market

Provision of medicines & machinery

Provision of necessities of defence

The period in which an economy comes back from prosperity to depression is called

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Recovery

Recession

Boom

Depression

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

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