Question # 1

Equilibrium price is determined in.

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Perfect market

Imperfect market

Monopoly

None of these

In macro economics, what kind of problems can be discussed

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International trade

Consumers behavior

Problems of a firm

Determination of price

Who did give economics the status of positive science

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Marshall

Robbins

Cannon

Pareto

Unit of account money in Pakistan is

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Rial

Rupee

Dollar

Pound

Tractor, harvester, thrasher etc are the examples of factor of production

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Land

Labour

Capital

Organization

Unity method to measure elasticity of supply is presented by

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Adam Smith

Robbins

Marshall

Faruson

Free gift of nature is

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Land

Labour

Capital

Organization

If there are large number of firms in some particular industry, then situation is called

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Perfect competition

Imperfect competition

Monopoly

Monopolistic competition

Net national product is found by

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Subtracting tax from gross national product

Subtracting transfer payments form gross national product

Subtracting depreciation allowance from gross national product

Subtracting subsidies from gross national product

Which on factor is the basic factor ?

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Land

Labour

Capital

Organization

When average cost increases, marginal cost is - - - - - - average cost

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Less than

More than

Equal to

None of three

How many kinds of science are

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Two

Three

Four

Five

National income is total of

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Incomes of all entrepreneurs of the country

Incomes of all industrialists of the country

Incomes of all salaried persons of the country

Incomes of all the people of the country

Tendency of average revenue curve under monopoly is alwaus

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Falls down

Parallel to x-axis

Rises up

Parallel to y-axis

The systematic record of visible and invisible exports and imports of a country in one year is called

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Balance of trade

Balance of payment

External balance

Internal balance

If we multiply margina product with price we get:

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MFC

MRP

TVC

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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