Question # 1

Monopolist firm in the long run

Choose an answer

Always faces loss

Usually faces loss

Usually earns normal profit

Always earns abnormal profit

Which laws are definite and universal

Choose an answer

Economic laws

Moral laws

State laws

Scientific laws

Micro economics related to

Choose an answer

International trade

Behavior of firm

National income

Personal income

When average cost falls, marginal cost is - - - - - - average cost

Choose an answer

Less than

More than

Equal to

None of three

A slight change in demand and price is called:

Choose an answer

Point Elasticity of demand

ArcElasticity of demand

CrossElasticity of demand

PriceElasticity of demand

Second name of unitary method is

Choose an answer

Method of total satisfication

total expenditure method

total revenue method

Both 2nd and 3rd

Supply of perishable goods e.g. groceries, fruit, meat etc is

Choose an answer

Less elastic

More elastic

Perfectly inelastic

Perfectly elastic

Inflation will be useful for

Choose an answer

Labourers

Consumers

Penioners

Industrialist

Quantity of a commodity which a person is ready to purchase at a particular price, is called

Choose an answer

Individual demand

Market demand

Supply

Market Supply

When supply changes due to other factors besides price, it is called

Choose an answer

Rise of supply

Fall of supply

Rise and fall of supply

Extension and contraction of supply

When supply increases due to other factors besides price, it is called

Choose an answer

Extension of supply

Contraction of supply

Rise of supply

Fall of supply

When supply increases due to rise price, it is called:

Choose an answer

Fall in supply

Contraction in supply

Expansion in supply

Rise in supply

When demand for a commodity changes due to the change in price of some other commodity, it is called

Choose an answer

Point elasticity

Arc elasticity

income elasticity

cross elasticity

The main cause of using the Cheque as money is

Choose an answer

They are proved as receipt

Most of the people accept them

Protection of money

Easy in transportation

Which one of the following was the difficulty of barter system

Choose an answer

Abundance of goods

Lack of double coincidence of wants

Difference of language

difference of occupations

It was impossible under barter system

Choose an answer

Lack of coincidence of wants

Lack of common measure of value

Divisibility of some goods in small parts

Solution of all the said problems

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