Question # 1

Note of 500 rupees is

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token money

credit money

convertible paper money

inconvertible paper money

Which on factor is the basic factor ?

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Land

Labour

Capital

Organization

In between how many countries international trade takes place under comparative cost theory

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Two

Three

Four

Many

Dividing total costs by the units of output is attained

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Average fixed cost

Average cost

Average variable cost

Marginal cost

Which one of the following is indirect tax

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Income tax

Property tax

Wealth tax

Sales tax

The science in which conditions and incidents are checked from a particular point of view, is called

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Positive science

Normative science

Social science

All of three

State laws are of

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Regional nature

Country nature

International nature

Non of three

The relation between quantity of money and value of money is:

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Positive

Negative

Direct

Inverse

One of the following is not the monetary measure to control inflation

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Increase in bank rate

Open market operation

Increase in the ratio of reserve capital of the banks

Increase in taxes

Relationship of value of money with quantity of money is

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Direct

Indirect

Inverse

Positive

The second name of law of decreasing return is

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Law of increasing cost

Law of constant cost

Law of decreasing cost

Law of cost

Difference between total revenue and total cost presents:

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Price

Profit

Production

Loss

Demand for the commodities whose use can be postponed is

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Less elastic

More elastic

Perfectly inelastic

infinitely elastic

Advantages of international trade are

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One

Two

Three

Many

To which area of England Adam Smith belonged

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Wales

Scotland

Ireland

London

According to professor Ackley Gardener, amounts are included in national income

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Wages

Rents and interests

Profits

All the three

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

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