Question # 1

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

The income which a person can use according to his will called:

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Net income

Per capital income

Personal income

Disposable personal income

When average cost increases, marginal cost is - - - - - - average cost

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Less than

More than

Equal to

None of three

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

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Decreases

Increases

Remains constant

2nd and 3rd

Till marginal cost curve remains below the marginal revenue curve, from the economic point of view, increase in production for a firm is

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Beneficial

Unbeneficial

May be beneficial or unbeneficial

Neither beneficial nor unbeneficial

How many kinds of costs are in the short period

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Two

Three

Four

Five

In private finance the individuals estimate their income and expenditures

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Daily

Weekly

Monthly

Yearly

Free gift of nature is

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Land

Labour

Capital

Organization

Dividing total fixed costs by the units of output, is attained

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Average fixed cost

Average variable cost

Average cost

Marginal cost

The rate change in total cost is:

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TR

MC

MR

TC

Private owners of minerals are bound to pay --------- Zakat of their production

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10%

15%

20%

25%

In order to satisfy some wants, more than one commodities are needed. Demand for such commodities is called

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Joint demand

Composite demand

Derived demand

Direct demand

Economic problem arises due to:

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Unlimited wants

Limited resources

Resources have alternative use

All of them

Demand for the commodities whose use can be postponed is

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Less elastic

More elastic

Perfectly inelastic

infinitely elastic

Degree of change in quantity supplied due to change in price is called

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Extension of supply

Rise of supply

Elasticity of supply

None of three

Marginal revenue product is the amount of money attained by selling:

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Average product

Marginal product

Total product

Total cost

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

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