Question # 1

In which phase of Frade cycle level of employment and income becomes very low.

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Depression

Recovery

Recession

Boom

Advantages of international trade are

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One

Two

Three

Many

In which punishment is not applicable for the disobedience, the laws are

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Moral laws

Laws of state

Political laws

Economic laws

Economy gets prosperity during

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Recession

Depression

Boom

Recovery

In order to satisfy some wants, more than one commodities are needed. Demand for such commodities is called

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Joint demand

Composite demand

Derived demand

Direct demand

Supply of perishable goods is

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More elastic

less elastic

Perfectly inelastic

infinite elasticity of supply

Unit of account money in Pakistan is

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Rial

Rupee

Dollar

Pound

If supply of a commodity is fixed, it is called

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Market supply

Short period supply

Long period supply

Middle period supply

Which is not included in variable cost

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price of raw material

Advertisement expenditures

rent of builiding

wages of labour

Other things remaining the same, marginal utility of a commodity diminishes with its continuous consumption. This law is called

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Law of diminishing marginal utility

Law of equi marginal utility

Law of demand

Law of decreasing return

If due to a very slight decrease in price, demand goes on increasing, elasticity of demand will be

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More than unity

Less than unity

Infinite

Zero

Under decreasing return, the slope of marginal product curve is

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Negative

Positive

Infinite

Zero

When demand increases due to change in other factors it is known as:

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Contraction in demand

Expansion and contraction in demand

Expansion in demand

Rise in demand

One of the following is not monetary measure to control inflation

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Increase in bank rate

Open market operation

Increase in ratio of reserve capital

To create constant situation

One of the following is not included in the characteristics of labour

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Labour and labourer cannot be separated

Labour can be stored

Labour has limited mobility

Supply of labour is inelastic

Which economist did name economics as neutral science

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Pigou

Keynes

Robbins

Marshall

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

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