Question # 1

Under monopoly, the slope of MR curve is:

Choose an answer

Twice the slope of AR curve

Less than the slope of AR curve

Greater than the slope of AR curve

Half the slope of AR curve

With an increase in the price of any good its substitutes will have

Choose an answer

a fall in its price

an increase in its prices

an increase in its demand

a decrease in its price

Which laws are definite and universal

Choose an answer

Economic laws

Moral laws

State laws

Scientific laws

Which statement is called subject matter of economics

Choose an answer

Problems of working individuals and their solution

Planning of increase in production

Unlimited wants and limited means

Solution of problems of the individuals living away from the society

When Demand > Supply it will be:

Choose an answer

Shortage

Less supply

More demand

Surplus

Blessings like air, rain existing on land are included in factor of production

Choose an answer

Labour or human resources

Capital or monetary resources

Land or natural resources

Organisation

Wages of temporary labourers are:

Choose an answer

Fixed cost

Marginal cost

Total cost

Variable cost

When price decreases, supply:

Choose an answer

Contracts

Expands

Remains fixed

Becomes zero

A system where the goods are exchange with goods is known as:

Choose an answer

Monetary system

Barter System

Coins system

Goods system

Long run average cost curve is:

Choose an answer

Planning curve

Envelope curve

Flatter curve

All of three

One condition which is not included in perfect competition conditions

Choose an answer

Homogeneity of product

Difference in price

Large number of buyers and sellers

Perfect knowledge of the market

The trade transaction between the individuals of different areas of a country is called

Choose an answer

Local trade

Regional trade

Domestic trade

International trade

Who said that economics is neutural science ?

Choose an answer

Pigou

Keynes

Robbins

Marshall

The most important and basic factor of production is

Choose an answer

Land

Labour

Capital

Organization

National Income is also known as:

Choose an answer

National product

Total expenditure

Total population

Both a and b

If we multiply margina product with price we get:

Choose an answer

MFC

MRP

TVC

Both a and b

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer