Question # 1

Long run average cost curve is:

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Planning curve

Envelope curve

Flatter curve

All of three

If demand changes by 10% due to 10% change in price, then elasticity of demand is called

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Equal to unity

More than unity

Less than unity

Infinite

When marginal utility is zero, then total utility is

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Minimum

Positive

Maximum

Zero

"A trade cycle is completed in three years four months" This is stated by

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Prof Kitchen

Prof Jugglar

Prof Jevons

Prof Pigou

If we subtract direct taxes from personal income, we get

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Net national income

Net domestic income

Disposable personal income

Personal savings

"Anything which is generally accepted as a medium of exchange and also performs the functions of standard of value and a store of value is money"
This definition of money is stated by

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Prof Walker

Prof Marshall

Prof Crowther

Prof Pigou

Supply means

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total money of a specific producer

Number of buyers

quantity of goods offered for sale at different prices

purchasing power of quantity supplied

Demand for a commodity means

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Desire to purchase

Power to purchase

Price of commodity

All the three

Methods for measurement of national income are:

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Two

Three

Four

Five

------------------- are added in national income

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Depreciation allowance

Subsidies

Indirect taxes

Direct taxes

Adam Smith belongs to:

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Poland

Scotland

Ireland

Holland

When demand and supply rise equally then equilibrium price

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isles

is more

Remains the source

Zero

Id demand changes by less than 10% due to 10% change in price, then elasticity of demand is called

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Equal to unity

More than unity

Less than unity

Infinite

Writing of the same behavior of the people in particular arrangement and words is called

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Normative science

Positive science

Economic law

Scientific law

If supply does not change, then due to rise of demand

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity decreases

Subsidies means:

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Relief price to consumers

Relief in price to Producers

Surplus budget

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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