Question # 1

The percentage part of the agricultural produce is payable as Zakat which is irrigated by natural water

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5%

10%

15%

20%

When price of a commodity decreases but its demand does not change, this situation is called

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Constant demand

Fall of demand

Rise of demand

Extension of demand

Who said that economics is neutural science ?

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Pigou

Keynes

Robbins

Marshall

Number of factors of production is

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One

Two

Three

Four

When average product increases, marginal product is:

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Also increases

Decreases

Zero

Negative

In balance of payment are included

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Visible items

Invisible items

Visible and invisible items

Material items

Industry is in equilibrium under perfect competition in the long run, when every existing firm in the industry

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Is earning abnormal profit

Is earning normal profit

Is facing minimum loss

Is facing abnormal loss

The relation between quantity of money and value of money is:

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Positive

Negative

Direct

Inverse

In which year international monetary fund was established:

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1941

1944

1945

1947

If we deduct foreign income from GNP, we get:

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N.N.P

G.D.P

D.P.I

P.I

"National income is that part of material wealth of a nation which can be measured by the scale of money" This definition of national income is stated by the economist

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Marshall

Pigou

Adam smith

Clark

Firms equilibrium is at that point where

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MC=AR

MC=MR

MC=AVC

MC=AC

How many kinds of costs are in the short period

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Two

Three

Four

Five

National income is measured for:

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One year

Two years

Three years

Four years

Supply curve of perishable goods is:

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Horizontal

Vertical

Infinite

All of them

The rate change in total cost is:

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TR

MC

MR

TC

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

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