Question # 1

The cause of shifting of supply curve is

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Change in price

Other factors

change in serving

change in demand

In which phase of Frade cycle level of employment and income becomes very low.

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Depression

Recovery

Recession

Boom

If supply of a commodity changes by 10% due to 10% change in its price, then elasticity of supply will be

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Equal to unity

More than unity

Less than unity

Zero

The price at which entrepreneur has a sufficient time to meet the demand, is called

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Market price

Normal price

Reserve price

Normal price

Which is not studied in macro economics

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National income

Money and banking

Price theory

Public finance

According to whom economist, National income is the name of the total of production of goods and services

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Adam smith

Marshall

Fisher

Pigou

According to Pigou national income is that part of material wealth

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Which can be stored easily

Which can be measured by the scale of money

Which have volume and surrounds

Which is exported

Number of beneficiaries of Zakat is stated in the holy Quran

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Five

Seven

Eight

Nine

Which one is not studied in micro economic

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National income

Consumer behavior

Market equilibrium

Firm's equilibrium

Absolute advantage theory was presented by

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Adam Smith

Prof Walker

Ricardo

Marshall

Cause of movement along the supply curve is

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Change in price

Other factors

Change in tax

Change in income

Applied on agriculture immediately

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Law of increasing return

Law of substitution

Law of decreasing return

Law of decreasing cost

How many conditions of firm's equilibrium are there ?

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One

Two

Three

Four

Degree of change in quantity supplied due to change in price is called

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Extension of supply

Rise of supply

Elasticity of supply

None of three

A good thing in private finance

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Expenditures are equal to income

Expenditure are more than income

Income is more than expenditures

a and b both

The factor of production which is result of human struggle.

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Land

Labour

Capital

Organization

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

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