Question # 1

Other name of law of equi marginal utility is

Choose an answer

Law of diminishing marginal utility

Law of demand

Law of constant return

Law of indifference

Who did name Economics as the science of mammon worship and dismal science

Choose an answer

Marshall

Keynes

John Ruskin & Carlyle

Pigou

If demand rises more proportionately than that of supply, then

Choose an answer

Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity decreases

The most appropriate definition of money was given by:

Choose an answer

F.A.Walker

Keynes

Pigou

Crowther

The concept of utility is:

Choose an answer

Subjective

Moral

Objective

Neutral

Payment of zakat is compulsory for ----------- living in Islamic Country

Choose an answer

Every person

Every Muslim

Only Poor Muslim

Only Sahib-e-Nisab Muslim

When price of a commodity decreases but its demand does not change, this situation is called

Choose an answer

Constant demand

Fall of demand

Rise of demand

Extension of demand

To derive economic laws inductive method was adopted by

Choose an answer

Classical school of thought

Neo classical school of thought

Historical school of thought

Modern school of thought

In a production process, when units of variable factors along with the fixed factor of production are increased, marginal cost remains the same, this tendency in economics is called

Choose an answer

Law of decreasing cost

Law of constant cost

Law of increasing cost

Law of decreasing return

Transfer payments are included in

Choose an answer

Gross domestic income

National income

Disposable personal income

Personal income

"The nature and significance of economic sciences" was written by:

Choose an answer

Adam smith

Marshall

Robbins

Canon

Measurement of arc elasticity of demand was present:

Choose an answer

Keynes

Marshall

Adam smith

R.G.D Allen

Who did give economics the status of positive science

Choose an answer

Marshall

Robbins

Cannon

Pareto

Which one of the following is not called Gross national product

Choose an answer

Economic national product

Joint national product

Composite national product

All the three

If supply curve is horizontal (parallel to x-axis) then elasticity of supply is

Choose an answer

Zero

Infinite

Equal to unity

More than unity

When was professor Robbins book "Nature and importance of economics" written

Choose an answer

1915

1932

1934

1937

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