Question # 1

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

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity decreases

The costs which the firm has to bear in every condition in the short period, are called

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Total costs

Fixed costs

Variable costs

Marginal costs

Modern theory trade cycle was presented by:

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Hawtrey

Habson Foster

Jevons

J.R Hicks

Micro economics related to

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International trade

Behavior of firm

National income

Personal income

Who said that economics has the place of intellectual religion

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Cannon

Pigou

Durban

Robbins

Inductive method represents:

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General to particular

Particular to general

Normative science

Economic planning

In a production process, when units of variable factors along with fixed factor of production are increased marginal cost goes on falling, this tendency in economics is called

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Law of decreasing cost

Law of increasing cost

Law of constant cost

Law of decreasing return

Firms earn abnormal profit when:

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AR = AC

AR < AC

AR > AC

AC = AR

Quantity of a commodity offered for sale in a market at a certain price during a given period of time, is called

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Stock

Demand

Supply

Quantity demanded

When marginal product remains positive, total product

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Goes on decreasing

Goes in increasing

Becomes negative

Does not change

Because of devaluation of currency of a country, its exports

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Decrease

Increase

Remains constant

Go on changing

Laws which reflect religion of society

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Economic laws

State laws

Scientific laws

Moral laws

When price decreases, supply

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Extends

Contracts

Becomes zero

Remains fixed

According to the law of supply, there is relation in price and supply

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Inverse

Increasing

Negative

indirect

Which kind of budget is better during the situation of inflation

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Deficit budget

Surplus budget

Balanced budget

Domestic budget

Under perfect competition, marginal revenue and average revenue curves

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Moves from left to right upward

Moves from left to right downward

Remain parallel to x-axis

Remain parallel to y-axis

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

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