Question # 1

Law of constant return is also known as:

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Increasing cost

Constant cost

Diminishing cost

Both (a) and (c)

The ratio of change in investment to change in income is known as:

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Multiplier

Accelerator

MEC

Both a and b

"National income is that part of material wealth of a nation which can be measured by the scale of money" This definition of national income is stated by the economist

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Marshall

Pigou

Adam smith

Clark

Deflation means:

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Rapid increase in price level

General decrease in price level

General increase in price level

Both a and c

The production sector where human brain and intelligence plays more role there is applicable

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Law of increasing return

Law of constant return

Law of decreasing return

Law of increasing cost

The trade that takes place between the inhabitants of two countries is called

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Domestic trade

International trade

National trade

Regional Trade

Who said that economics is normative science ?

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Keynes

Robbins

Marshall

Rocher

Total utility is maximum when marginal utility is

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Positive

Negative

Zero

Minimum

Increasing function of price is

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Demand

Supply

Utility

Cosnsumption

When total production decreases, marginal product is:

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Positive

Negative

Zero

Infinite

If supply decreases due to decrease in price, it is called

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Extension of supply

Contraction of supply

Rise of supply

Fall of supply

What is the reward of Labour ?

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Rent

Wage

Interest

Profit

One of the following is not advantage of paper money

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Saving of metals

Saving of coinage

Easy transferability

Perfectly inelastic supply

The costs which the firm has to bear in every condition in the short period, are called

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Total costs

Fixed costs

Variable costs

Marginal costs

When demand and supply rise in equal propoertion, the equilibrium price will:

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Fall

Rise

Constant

None of those

What type of nature of Zakat is

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Fixed

Non fixed

Elastic

Changes along with the change in income

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

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