Question # 1

In which punishment is not applicable for the disobedience, the laws are

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Moral laws

Laws of state

Political laws

Economic laws

The decreasing part of TU curve shows:

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MU is zero

MU is negative

MU is increasing

MU is decreasing

The trade that takes place between the individuals living in different areas of a country is called

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Domestic trade

International trade

Foreign trade

Regional Trade

When there is deflation, then prices

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Increase

Decrease

Remain constant

do not change

If 50% change in demand in response of 30% change in price then:

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Elasticity of demand = 1

Elasticity of demand < 1

Elasticity of demand > 1

Elasticity of demand = 0

One of the following is not the method to control deflation

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Decrease in public expenditures

Decrease in interest rate

Decrease in income tax

increase in exports

If demand for a commodity changes due to change in price of its substitute, it is called

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Price elasticity

Point elasticity

Cross elasticity

Arc elasticity

Equation of relationship between quantity of money and value of money, MV=PT is presented by the economist

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Prof Taussing

Prof Fisher

Prof Crowther

Prof Marshall

Demand for the goods which have different uses, is

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More elastic

Less elastic

Infinity

Zero elastic

Which factor has no pre-determined reward

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Land

Labour

Capital

Organization

When supply decreases due to fall in price, it is called:

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Fall in supply

Contraction in supply

Expansion in supply

Rise in supply

Zakat can not be given

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to get slaves free

To the collection of zakat

For the construction of Mosque

The converts

At last, indirect tax is paid by

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Shopkeeper

Entrepreneur

Customer

Whole-seller

"Money is what money does" is the statements of:

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Robbins

Marshall

Hicks

Keynes

The paper notes which can not be converted in gold, silver, or foreign exchange, are called

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Standard money

Convertible paper money

Inconvertible paper money

Legal tender money

"Quantity of goods and services which is consumed during a year is called national income". This definition of national income is stated by the economist

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Marshall

Pigou

Adam smith

Fisher

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

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