Question # 1

Cheque is which kind of money:

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Credit money

Paper money

Standard money

Legal money

If the demand for commodity being produced increases, then a firm in the short run ------- its variable factors

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Increases

Decreases

Keeps the same

None of three

Exact perdition not possible in:

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Economic laws

Science laws

Moral laws

Social law

Factor of production which is used to earn more income, is called

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Land

Labour

Capital

Organization

The difference between total revenue (TR) and total cost (TC) is called

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Loss

Profit

Profit or loss

Utility

In which phase of a trade cycle national product, wages, prices and profits reach at their peak

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Recovery

Boom

Recession

Depression

If 50% change in demand in reposne of 50% change in price then:

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Elasticity of demand = 1

Elasticity of demand < 1

Elasticity of demand > 1

Elasticity of demand = 0

"Purchasing power of money is inverse of level of prices. So study of purchasing power of money is identical with the study of level of prices." These are the words of

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Prof Irving Fisher

Prof Crowther

Prof Pigou

Prof Keynes

Who said that economics is positive science ?

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Adam smith

Marshall

Robbins

Keynes

In law of increasing cost, marginal cost

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Increases

Decreases

Remains constant

Remains fixed

According to law of diminishing marginal utility, Utility of every new (Additional) unit of commodity

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Increases

Decreases

Remains constant

None of these

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

Are included in welfare economist

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Ricardo and J.S. Mill

Robbins and Keynes

Cannon and Pigou

Malthus and Keynes

The kind of market, in which a single firm produces a single commodity which has no close substitute

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Monopoly

Duopoly

Oligopoly

Perfect competition

Tendency of demand curve of a factor of production is

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Positive

Negative

Zero

Horizontal

------------------- are added in national income

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Depreciation allowance

Subsidies

Indirect taxes

Direct taxes

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

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