Question # 1

A monopolist firm usually earns

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Normal profit

Abnormal profit

Minimum loss

Abnormal loss

Walker, senior and Malthus belonged to school of thought

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Classical

Neo classical

Keynesian

None of these

According to law of diminishing marginal utility, Utility of every new (Additional) unit of commodity

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Increases

Decreases

Remains constant

None of these

Absolute advantage theory was presented by

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Adam Smith

Prof Walker

Ricardo

Marshall

Founder of modern school of thought:

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Adam smith

Marshall

Ricardo

Robbins

According to which economist, it is difficult to find marginal product

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Robbins and Keynes

Marshall and pigou

Adam Smith and Mathuls

Taussing and Davenport

What is meant by demand for a commodity in economics

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To desire for a commodity

To have power to buy

To have power to buy a commodity with desire

Quantity of a commodity

Economic law are made by:

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Govt.

Courts

Parliament

Behaviour of the people

The money whose face value and intrinsic value are equal, is called

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Token money

Standard money

Paper money

Credit money

Degree of change in quantity supplied due to change in price is called

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Extension of supply

Rise of supply

Elasticity of supply

None of three

Basic object of a firm is to get maximum:

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Price

Profit

Production

All of three

When demand and supply rise equally then equilibrium price

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isles

is more

Remains the source

Zero

Who said that economics is normative science ?

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Keynes

Robbins

Marshall

Rocher

Founder of Classical school of thought was:

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Adam smith

Marshall

Robbins

Keynes

If percentage change in supply is less than the percentage change in price, then elasticity of supply is called

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Equal to unity

Less than unity

More than unity

Zero

If two goods are substitute, cross Elasticity of demand will be:

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Zero

Infinite

Positive

Negative

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

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