Question # 1

Marginal revenue product curve is called

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Demand curve of firm

Supply curve of firm

Demand curve of industry

Supply curve of industry

Quantity theory of money failed during world economic depression

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In 1920

In 1925

In 1929

In 1935

Total product decreases, when marginal product is

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Positive

Negative

Zero

None of these

Which is the Demand Curve of a frim

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Average Revenue Curve

Marginal Revenue Curve

Total Revenue Curve

Average cost curve

Consumer's equilibrium takes place at that point where:

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MU is negative

MU is positve

TU is maximum

MU is maximum

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

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Fall in supply

Contraction in supply

Expansion in supply

Rise in supply

When average product increase, marginal product

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Decreases

Is zero

Is negative

Also increases

Because of increase in national income

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Standard of living rises

Standard of living falls

No change occurs

None of three

Which side of life of human being is analysed in economics

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Political

Social

Economic

Moral

"National income is that part of material wealth of a nation which can be measured by the scale of money" This definition of national income is stated by the economist

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Marshall

Pigou

Adam smith

Clark

Which economist introduced economics as a science for the first time

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Adam Smith

Robbins

Marshall

Pigou

Price and demand has a relationship:

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Negative

Positive

Functional

Both a & c

Stock means the quantity of a commodity

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Which is offered for sale in the market

Which is sold in the market

Total production is called stock

Which the seller keeps in his possession without selling

A system where the goods are exchanged with money is known as:

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Monetary system

Barter system

Coins system

Modified system

Elasticity of demand for durable goods is

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More elastic

Less elastic

Infinte

Zero

Which one of the following public expenditures is related to transport

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Police

Defence

Railway

Public education

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

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