Question # 1

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

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity decreases

Subsidies means:

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Relief price to consumers

Relief in price to Producers

Surplus budget

Both a and b

What effects are expected on the purchasing power of money during deflation

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Decreases

Increases

Remains constant

2nd and 3rd

To derive economic laws deductive method was adopted by

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Classical school of thought

Neo classical school of thought

Historical school of thought

Modern school of thought

Income and employment are at peak level during:

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Recovery

Boom

Depression

Recession

Economist who presented the first law of consumption

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Marshall

Adam smith

Robbins

Pigou

"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

Utility attained by the consumption of first unit of a commodity is called

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Positive utility

Negative utility

Initial utility

Zero utility

Causes of shifting in supply curve is:

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Change in technique

Change in cost

Change in tax

All of them

Which is subtracted from gross national product to find gross domestic product

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Depreciation allowance

Net income received from foreign sources

Indirect taxes

Transfer payments

Who said that economics is normative science ?

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Keynes

Robbins

Marshall

Rocher

Capital goods are those which can satisfy human wants:

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Directly

Indirectly

Proportionate

None of these

The rate of change in Qd due to change in price is called:

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Rise in demand

Income Elasticity of demand

Price Elasticity of demand

Cross Elasticity of demand

Economics is a science:

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Political

Spiritual

Social

Scientific

Formula method to measure elasticity of supply is related to

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Marshall

Robbins

R.G.D Allen

Flux

Which laws are framed by parliament

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State laws

Moral laws

Economic laws

Scientific laws

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

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