Question # 1

Cause of movement along the supply curve is

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Change in price

Other factors

Change in tax

Change in income

Slope of average revenue and marginal revenue cures under monopoly is

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positive

negative

zero

none of three

To describe as it is, after seeing and analyzing any event, is known as

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Normative science

Positive science

Biological science

For casting science

According to comparative cost theory conditions ------------- in goods and labour market exist

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of monopoly

of duopoly

Monopolistic competition

of perfect competition

One of the following is not the cause of deflation

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Decrease in demand for goods

Decrease in consumption

Increase in quantity of money

Increase in supply of goods

Law of increasing return is more applicable in:

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Trade sector

Industrial sector

Agricultural sector

Power sector

Basic characteristics of good money are

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General acceptability, durability

Homogeneity,divisibility

Transferability, recognizability, convertibility

All

"A trade cycle is fluctuation in employment, production and prices" This definition of Trade cycle is stated by

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Prof Keynes

Prof Mitchall

Prof Hanson

Prof Haberler

Which money is not legally backed

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Metallic money

Paper money

Credit money

Near money

The period in which an economy comes back from prosperity to depression is called

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Recovery

Recession

Boom

Depression

If the equation is this, MC=MR-AR(P)=AC, then the firm

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Earns normal profit

Earns abnormal profit

Bears minimum loss

Bears abnormal loss

Under perfect competition:

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AR > MR

AR < MR

AR = MR

All of three

During the phase of recession prices of goods

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Start rising

Start falling

are highest

are lowest

When average product is maximum, marginal product is:

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Positive

Equal to AP

Zero

Negative

Because of indirect taxes, prices

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Decrease

Remain constant

Increase

Do not change

Economist who presented the first law of consumption

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Marshall

Adam smith

Robbins

Pigou

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

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