Question # 1

When marginal product remains positive, total product

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Goes on decreasing

Goes in increasing

Becomes negative

Does not change

Average cost curve is in short run

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Negative sloped

U-shaped

L-shaped

Positive sloped

When total product decreases, marginal product

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Is positive

Is negative

Is zero

Is increasing

The systematic record of visible and invisible exports and imports of a country in one year is called

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Balance of trade

Balance of payment

External balance

Internal balance

One rupee note in paper money is

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Inconvertible paper money

Convertible paper money

Limited legal tender money

Unlimited legal tender money

First and basic law of consumption is

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Law of demand

Law of decreasing return

Law of supply

Law of diminishing marginal utility

If supply decreases due to decrease in price, it is called

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Extension of supply

Contraction of supply

Rise of supply

Fall of supply

If supply goes on increasing due to a slight increase in price, then elasticity of supply is called

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Zero

Infinite

Equal to unity

More than unity

"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

Supply of the one of the following is not fixed:

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Vegetable

Fruit

Milk

Motor bike

If two goods are complimentary, cross Elasticity of demand will be:

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Zero

Infinite

Positive

Negative

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

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Positive

Negative

Direct

Inverse

The whom individuals Marshal included in definition of economics

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Service of teachers

People living in forests

Trading professionals

People living in caves

To determine consumer's equilibrium, professor Marshall got help from the law

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Law of diminishing marginal utility

Law of equi marginal utility

Law of demand

Law of constant return

Who did present unity method to measure elasticity of demand

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Adam Smith

Marshall

Robbins

keynes

If demand changes by more than 10% due to 10% change in price, then elasticity of demand is called

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Equal to unity

More than unity

Less than unity

Infinite

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

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