Question # 1

According to Marshall, Economics is

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Social Science

Correcting science

Positive science

Moral science

Which law is applied when marginal utilities of all the purchased goods become equal to each other

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Law of diminishing marginal utility

Law of equi marginal utility

Law of demand

Law of increasing return

Due to rise in demand, demand curve shifts to

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Right

Left

Both sides

None of these

Study of large aggregated of economic system is called

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Micro economics

Macro economics

Applied economics

All the three

If there are large number of firms in some particular industry, then situation is called

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Perfect competition

Imperfect competition

Monopoly

Monopolistic competition

Foreign exchange is used in

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Local trade

Regional trade

Domestic trade

International trade

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

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Equilibrium price increases

Equilibrium price decreases

Equilibrium quantity increases

If we subtract direct taxes from personal income, we get

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Net national income

Net domestic income

Disposable personal income

Personal savings

Regarding time element, the normal price has types

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One

Two

Three

Four

In Macro economies the vital role is played by:

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Marshall

J.R.Hicks

Robbins

Keynes

At shut down position:

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AC = AR

AVC = AR

AVC < AR

AVC > AR

If the ratio of change in demand is less than the ratio of change in price, elasticity of demand will be

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More than unity

Less than unity

Equal to unity

Zero

One of the following is not the characteristic of money

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General acceptability

Durability

Non homogeneity

Convertibility

What is meant by demand for a commodity in economics

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To desire for a commodity

To have power to buy

To have power to buy a commodity with desire

Quantity of a commodity

The relation between quantity of money and price is:

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Positive

Negative

Direct

Inverse

At least one factor is fixed in:

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Market period

Long period

Short period

All of three

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

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