Question # 1

Who did present formula to measure Arc elasticity of demand

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Adam Smith

Marshall

Allen

Keynes

The cause of rise and fall of demand is

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income

price

population

Both 1st and 3rd

Inflation can be controlled by:

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Fiscal policy

Monetary policy

Trade policy

Both a and b

How many are kinds of economics

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Two

Three

Four

Five

Under constant return, the slope of marginal product curve is

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Positive

Negative

Infinite

Zero

Expenses of wears and tears of machinery are called

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Productive expenses

Non productive expenses

Wages

Depreciation expenses

Tendency of demand curve of a factor of production is

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Positive

Negative

Zero

Horizontal

First and basic law of consumption is

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Law of demand

Law of decreasing return

Law of supply

Law of diminishing marginal utility

To describe as it is, after seeing and analyzing any event, is known as

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Normative science

Positive science

Biological science

For casting science

Factors of production are more mobile

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In international trade

In the country

In both

In none

When Demand > Supply it will be:

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Shortage

Less supply

More demand

Surplus

Which economist did present the concept of macro economics

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Adam Smith

Marshall

Pigou

Keynes

In the long run monopolist earns profit:

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Normal

Abnormal

Super normal

Both b and c

The name of first law of consumption is

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Law of demand

Law of diminishing marginal utility

Law of equi marginal utility

Law of supply

Dividing total variable costs by the units of output, is attained

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Average fixed cost

Average variable cost

Average cost

Marginal cost

Main elements of circular flow of national income are

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People or house holds

Firms

House holds and firms

Industrial lists

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

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