Question # 1

Which factor combines other three factors ?

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Land

Labour

Capital

Organization

When a firm's average total cost is equal to price, then it is called as

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Normal profit

Abnormal profit

Normal loss

Abnormal loss

Initial utility of a product is:

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Highest

Lowest

Constant

All of these

Initial utility is ______ individual utilities of all the units

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More than

Less than

Equal to

None of these

Demand for a commodity means

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Desire to purchase

Power to purchase

Price of commodity

All the three

Demand for basic necessities of life is:

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Perfectly elastic

Less elastic

Perfectly inelastic

More elastic

All Pakistani coins are

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Token money

Standard money

Convertible money

Inconvertible money

When there is a very small change in demand and price of a commodity, it is called

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Point elasticity

Arc elasticity

Cross elasticity

Income elasticity

Which economist did name economics as neutral science

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Pigou

Keynes

Robbins

Marshall

Which one is comparatively the most important factor ?

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Land

Labour

Capital

Organization

The factor of production which is result of human struggle.

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Land

Labour

Capital

Organization

Consumer goods are those goods which the consumers consume

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Directly

Indirectly

Sometimes

Never

If the rate of change in price and quantity demand is in equal ratio, then Elasticity of demand is:

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Equal to zero

Equal to one

Smaller than one

Greater than one

At least one factor is fixed in:

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Market period

Long period

Short period

All of three

Equilibrium level of national income means that point where

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Consumption = saving

Consumption = investment

Income = saving + investment

Saving = Investment

Which one of the following does not exist during deflation

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Production decreases

Value of money increases

Supply of goods and services increases from their demand

Level of employment increases

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

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