Question # 1

First law of consumption is known as:

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Law of supply

Law of demand

Law of diminishing marginal utility

Law of equi marginal utility

The costs which a firm bear only in case of producing commodities

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Fixed costs

Variable costs

Total costs

Average fixed cost

If the rate of tax does not change with decrease or increase in the level of income, is called

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Proportional tax

Progressive tax

Regressive tax

value added tax

The money whose face value and intrinsic value are equal, is called

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Token money

Standard money

Paper money

Credit money

Supply curve moves from left to right upward, this tendency is called

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Negative

Positive

Horizontal

Vertical

Who said that economics is science of unlimited wants and limited means

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Adam Smith

Marshall

Pigou

Robbins

If 50% change in demand in response of 30% change in price then:

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Elasticity of demand = 1

Elasticity of demand < 1

Elasticity of demand > 1

Elasticity of demand = 0

Over investment and over saving theory was given by:

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Joseph Schumpeter

Habson Foster

Jevons

Hawtray

Which is the Demand Curve of a frim

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Average Revenue Curve

Marginal Revenue Curve

Total Revenue Curve

Average cost curve

Which one of the following is not included in the assumptions of law of supply

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taste of consumer

cost of production

Methods of production

price of raw material

Elasticity of demand for durable goods is

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More elastic

Less elastic

Infinte

Zero

Methods of deriving economic laws are

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Two

Three

Four

Five

When total production increases, marginal product is:

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Positive

Negative

Zero

Infinite

A monopolist controls the supply

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Totally

Partially

More

Not at all

Cause of shifting of demand curve is

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Change in price

Desire

Other factors

Exceptions

One of the following is not land:

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White house

Sub continents

Power house

Both (a) and (b)

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

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