Question # 1

Who did write the book named "Nature and importance of economics"

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Adam smith

Marshall

Robbins

Keynes

Under perfect competition:

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AR > MR

AR < MR

AR = MR

All of three

World economic depression accured in

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1927

1928

1929

1931

Dividing total costs by the units of output is attained

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Average fixed cost

Average cost

Average variable cost

Marginal cost

Number of beneficiaries of Zakat is stated in the holy Quran

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Five

Seven

Eight

Nine

Which one is comparatively the most important factor ?

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Land

Labour

Capital

Organization

The average duration of trade cycle is:

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Five years

Fifty years

Twenty years

Ten years

Relationship between price of a commodity and demand for it exists

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Positive

Inverse

Indirect

None of these

Wages of permanent labourers are:

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Fixed cost

Marginal cost

Total cost

Variable cost

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

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Wages

Rents and interests

Profits

All the three

One rupee note in paper money is

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Inconvertible paper money

Convertible paper money

Limited legal tender money

Unlimited legal tender money

One of the following is not fiscal measure to control inflation

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Decrease in public expenditures

Increase in taxes

Encouragement of savings

Increase in investment

Regarding time element, the normal price has types

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One

Two

Three

Four

"Public finance deals with governments revenue and expenditure and it studies how government maintains balance between its revenue and expenditures"
This definition is stead by

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Dalton

Armitage Smith

Bastable

pigou

Supply is Fixed of:

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Perishable goods

Free goods

Durable goods

Substitute goods

Net foreign income means:

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Import - Exports

Exports - Imports

Import + Exports

Income from imports

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

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