Question # 1

One condition which is not included in perfect competition conditions

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Homogeneity of product

Difference in price

Large number of buyers and sellers

Perfect knowledge of the market

Over investment and over saving theory was given by:

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Joseph Schumpeter

Habson Foster

Jevons

Hawtray

Economic laws are

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Definite and universal

Of Conditional nature

Of moral nature

Of political nature

If total expenditure of the consumer increases due to decrease in price, then nature of elasticity of demand will be

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Equal to unity

Less than unity

More than unity

Elasticity of demand = zero

One of the following is not included in explicit cost

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Wages of labourers

Reward of entrepreneur's personal labour

Price of raw material

Interest of capital

National Income is also known as:

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National product

Total expenditure

Total population

Both a and b

When average cost falls, marginal cost is - - - - - - average cost

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Less than

More than

Equal to

None of three

"National income is that part of material wealth of a nation which can be measured by the scale of money" This definition of national income is stated by the economist

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Marshall

Pigou

Adam smith

Clark

To derive economic laws deductive method was adopted by

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Classical school of thought

Neo classical school of thought

Historical school of thought

Modern school of thought

Which economist said that, economics cannot be separated from spiritual values?

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Marshall

Robbins

Adam smith

Voton

The money whose face value is greater than its intrinsic value, is called

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Standard metallic money

Paper money

Token money

Near money

The decreasing part of TU curve shows:

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MU is zero

MU is negative

MU is increasing

MU is decreasing

Equilibrium means

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the condition that is not possible

an unstable condition

a condition that can change

stable position

Which book is named "Bible of Capitalism"

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Wealth of nations

Das capital

Principles of economics

General theory of employment, interest and money

Self owned resources are known as:

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Implicit cost

Explicit cost

Opportunity cost

Sunk cost

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

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

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