Question # 1

Oligopoly means:

Choose an answer

Single seller

Two seller

Multiple sellers

Multiple buyers

If supply curve is horizontal (parallel to x-axis) then elasticity of supply is

Choose an answer

Zero

Infinite

Equal to unity

More than unity

Advantages of international trade are

Choose an answer

One

Two

Three

Many

Relationship between price and quantity demanded is called

Choose an answer

Demand schedule

Demand curve

Law of demand

Assumptions of law of demand

What functional relationship is present between demand and price

Choose an answer

positive

inverse

increasing

none of these

Monopoly refers to:

Choose an answer

Single buyer

Single seller

Single producer

Both b and c

According to Prof. Kitchen a trade cycle completes in

Choose an answer

Two years six months

Three years or Fifty years

Fifty years or Sixty years

Sixty years or Seventy years

According to Prof. Jugglar a trade cycle comletes in

Choose an answer

Five to six years

Nine to ten years

Ten to eleven years

Eleven to twelve years

Which one is not included in macro economics

Choose an answer

National income

Employment

Price

Investment

During recession demand for factors of production is

Choose an answer

More

Limited

Very low

Too much

What is the reward of Organization ?

Choose an answer

Rent

Wage

Interest

Profit

Marginal cost curve cuts average cost curve when average cost is

Choose an answer

Maximum

Minimum

Increasing

Decreasing

After achieving point of Satiation the total utility starts

Choose an answer

Rising

Declining

Remains constant

None of these

Number of firms under monopoly is

Choose an answer

One

Two

Three

Four

One of the following is not advantage of international trade

Choose an answer

Provision of necessities of life

Imperfections of market

Provision of medicines & machinery

Provision of necessities of defence

Which economist did name economics as neutral science

Choose an answer

Pigou

Keynes

Robbins

Marshall

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer