Question # 1

Who does determine the reserve price

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Buyer

Seller

Government

District adminitration

Main elements of circular flow of national income are

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People or house holds

Firms

House holds and firms

Industrial lists

Which economist is called Aristotal of economics

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Marshall

Keynes

Adam Smith

Malthus

Propounder of economics was

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Robbins

Marshall

Adam smith

Keynes

Applied on agriculture immediately

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Law of increasing return

Law of substitution

Law of decreasing return

Law of decreasing cost

If demand and supply both rise in the same proportion, then

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Equilibrium price decreases

Equilibrium price does not change

Equilibrium price increases

Equilibrium quantity decreases

If supply is fixed then due to fall of demand

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Equilibrium price decreases

Equilibrium quantity increases

Equilibrium price increases

Equilibrium price does not change

Market equilibrium is determined when

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Demand = supply

Demand > supply

Demand < supply

Demand = zero

Monopolist firm in the long run

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Always faces loss

Usually faces loss

Usually earns normal profit

Always earns abnormal profit

Who said that economics is positive science

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Adam Smith

Marshall

Robbins

Keynes

A slight change in demand and price is called:

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Point Elasticity of demand

ArcElasticity of demand

CrossElasticity of demand

PriceElasticity of demand

If quantity demanded for a commodity changes due to the change in income, it is called

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Price elasticity

Point elasticity

Cross elasticity

Income elasticity

Which one of the following is included in balance of trade

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Visible goods

Invisible goods

Visible & invisible goods

All the three

Total utility decreases when marginal utility is

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Positive

Negative

Zero

Maximum

This paper notes which can be converted into gold, silver or foreign exchange are called

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Standard money

Unlimited legal tender money

Convertible paper money

Inconvertible paper money

Disadvantages of paper money are

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Unstable value

Possibility of inflation

Possibility of wastage

All the three

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

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