Question # 1

Desire + Purchasing power is equal to:

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Demand

Supply

Income

Utility

"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

Economics is a science

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Political

Spiritual

Social

Scientific

The average duration of trade cycle is:

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Five years

Fifty years

Twenty years

Ten years

What is money

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Coins of gold and silver

Paper money

Agricultural crops

Everything which can be used as a medium of exchange

The systematic record of the money value of visible exports and visible imports of one year of country is called

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Balance of trade

Balance of payment

International balance

External balance

Elasticity of demand for substitute and jointly demanded goods is called

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Income elasticity

Arc elasticity

Cross elasticity

Point elasticity

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

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Depreciation allowance

Subsidies

Indirect taxes

Direct taxes

In case of international trade, trade restrictions are usually

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Limited

More

Too much

None of three

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

Other tern used for demand for factor is:

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Initial demand

derived demand

Direct demand

Cross demand

Kinds of supply according to period of time are

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Two

Three

Four

Five

Which is not studied in micro economics

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Theory of consumer behavior

Price theory

Theory of money

Theory of distribution of wealth

Firms earn abnormal profit when:

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AR = AC

AR < AC

AR > AC

AC = AR

Law of equi-marginal utility is also known as:

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Total utility maximizing law

Law of substitution

Law of indifference

All of them

If demand for commodity X changes due to the change in price of commodity, it is called

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Cross elasticity

Price elasticity

Income elasticity

Arc elasticity

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

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