Question # 1

Increasing marginal product shows the law

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Law of increasing return

Law of constant return

Law of decreasing return

Law of diminishing marginal utility

Which money is not legally backed

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Metallic money

Paper money

Credit money

Near money

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

At last, indirect tax is paid by

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Shopkeeper

Entrepreneur

Customer

Whole-seller

In the long run firms mostly earn normal profit in:

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Perfect competition

Oliogopoly

Monopoly

Duopoly

Total utility always:

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Decreases

1st increases then decreases

Maximum

Negative

Who said that economics is the science of material welfare ?

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Adam smith

Marshall

Ricardo

Robbins

Direct taxes are not included in:

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Personal income

G.N.P

G.D.P

Disposable personal income

Curve of law of diminishing marginal utility

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Moves from left to right downward

Moves from left to right upward

Firstly it has a tendency to rise up and after a certain limit it starts falling

It is parallel to ox-axis

By which money business dealing has become easy

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Metalic money

Paper money

Credit money

Near money

"Money is a thing by which payments of agreements of borrowing and pricing are made and general purchasing power is stored in it." This definition of money is stated by the economist

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Prof Marshall

Prof Walker

Prof Keynes

Prof Crowther

When total production decreases, marginal product is:

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Positive

Negative

Zero

Infinite

If the face value of a coin is greater than the value of metal used in:

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Legal money

Token money

Standard money

Both b and c

When marginal utility is positive, total utility

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Goes on decreasing

Goes on increasing

Does not change

Is zero

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

Factor of production which is used to earn more income, is called

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Land

Labour

Capital

Organization

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

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