Question # 1

Supply is Fixed of:

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Perishable goods

Free goods

Durable goods

Substitute goods

Marginal revenue product curve is called

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Demand curve of the firm

Supply curve of the firm

Demand curve of the industry

Supply curve of industry

International Monetary fund is

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Local

Regional

National

International

The first great depression was appeared in:

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1934

1930

1932

1936

Indirect taxes become cause of

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Increase in prices

Decrease in prices

Stability of prices

Change in prices

The exchange of goods and services from country to country is called

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Foreign

National trade

Corporate trade

Domestic trade

Total expenditures which a firm bear to produce a particular quantity of output

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Fixed costs

Variable costs

Total costs

Average fixed cost

Wages of permanent labourers are:

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Fixed cost

Marginal cost

Total cost

Variable cost

In perfect competition number of firms is

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One

Two

A few

Large

Usually market price is ____________ normal price

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Equal to

Less than

More than

None of these

Duopoly refers to:

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Single seller

Two seller

Multiple sellers

Multiple buyers

Word of economics has been derived from "Oikonomos" which is word of the language

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French

Latin

Russian

None of them

Unity method to measure elasticity of supply is presented by

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Adam Smith

Robbins

Marshall

Faruson

Which of the following stated that utility is measurable

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Marshall

Adam Smith

Robbins

Keynes

Which one of the following does not exist during deflation

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Production decreases

Value of money increases

Supply of goods and services increases from their demand

Level of employment increases

Who said that economics is science of wealth

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Adam smith

Robbins

Marshall

Pigou

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

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