Question # 1

If demand for commodity X changes due to the change in price of commodity, it is called

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Cross elasticity

Price elasticity

Income elasticity

Arc elasticity

Under decreasing return, the slope of marginal product curve is

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Negative

Positive

Infinite

Zero

Which side of life of human being is analysed in economics

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Political

Social

Economic

Moral

Advantages of international trade are

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One

Two

Three

Many

In case of fall in demand, demand curve shifts:

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Left side

Right side

Downward

Both (a) and (c)

Economist who presented the first law of consumption

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Marshall

Adam smith

Robbins

Pigou

A monopolist controls the supply

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Totally

Partially

More

Not at all

------------ is not included in gross domestic product

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Private investment

Income received from foreign country

Depreciation allowance

Govt. investment

One of the following is not monetary measure to control inflation

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Increase in bank rate

Open market operation

Increase in ratio of reserve capital

To create constant situation

There exists a relationship between inflation and deflation

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Increasing

Inverse

Indirect

None of three

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

Which factor has no pre-determined reward

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Land

Labour

Capital

Organization

"Money is what money does" is the statements of:

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Robbins

Marshall

Hicks

Keynes

If demand rises more proportionately than that of supply, then

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity decreases

According to the law of supply, there is relation in price and supply

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Inverse

Increasing

Negative

indirect

Dividing total variable costs by the units of output, is attained

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Average fixed cost

Average variable cost

Average cost

Marginal cost

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

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