Question # 1

Marginal utility at the point of satiety is

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Zero

Positive

Negative

Initial

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

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Individual demand

Market demand

Supply

Market Supply

Barter economy means the economy in which no good is generally accepted and goods are exchanged with goods. This definition is stated by the

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Prof Marshall

Stanlay Fisher

Culberon

Walker

"General theory of employment, interest and money" was written by:

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Robbins

Pigou

Keynes

Canon

A textile mill produces 2000 meters cloth. Entrepreneur offers 1500 meters cloth to sell at price Rs 100 per meter and 500 meters cloth keeps with him. Cloth kept by the entrepreneur is called

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Total production

Supply

Stock

Surplus production

Which phase starts with the increase in expected rate of profit

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Depression

Recovery

Boom

Recession

Elasticity of demand for substitute and jointly demanded goods is called

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Income elasticity

Arc elasticity

Cross elasticity

Point elasticity

Exchange of goods with goods is called

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Medium of exchange

Store of exchange

Scale of measure of exchange

Barter system

In which phase of a trade cycle national product, wages, prices and profits reach at their peak

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Recovery

Boom

Recession

Depression

Modern theory trade cycle was presented by:

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Hawtrey

Habson Foster

Jevons

J.R Hicks

The main cause of using the Cheque as money is

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They are proved as receipt

Most of the people accept them

Protection of money

Easy in transportation

Cheque, bill of exchange etc are

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Metallic money

Paper money

Credit money

Near money

Who did present formula to measure Arc elasticity of demand

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Adam Smith

Marshall

Allen

Keynes

MPP stand is

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Marginal price product

Marginal Physical Product

Marginal Physical Price

Marginal Perfect Price

To the name of which economist, canons of taxation are attributed

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Adam smith

Robbins

Pigou

Keynes

The goods which can be used in place of each other, are called

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Complimentary goods

Substitute goods

Alternative goods

Jointly demanded goods

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

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