Question # 1

As factor of production, river and sea are called

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Land

Labour

Capital

Organization

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

Quantity theory of money failed during world economic depression

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In 1920

In 1925

In 1929

In 1935

Kinds of supply according to period of time are

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Two

Three

Four

Five

Quantity of a commodity which is offered for sale in a market is called:

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Trade

Supply

Demand

Stock

Who wrote the book named "An enquiry into the nature and causes of the wealth of nations ?

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Adam Smith

Marshall

Robbins

Canon

Points of Robbins definition are

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Two points

Four points

Economic points

Practical points

The main source of the public revenue is

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Fee

Tax

Fines

Gifts and aid

When supply curve shifts rightward or down it is called

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Rise of supply

Fall of supply

Extension of supply

Contraction of supply

Cost of a firm on the optimum combination of factors of production is

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Minimum

Maximum

Reasonable

Positive

The decreasing part of TU curve shows:

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MU is zero

MU is negative

MU is increasing

MU is decreasing

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

Slope of average revenue and marginal revenue cures under monopoly is

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positive

negative

zero

none of three

A monopolist controls the supply

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Totally

Partially

More

Not at all

Under monopoly, marginal revenue is _____ of output

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Decreasing function

Increasing function

Quadratic function

Cubic function

In perfect competition the average revenue curve is

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Vertical

Horizontal

Rising

Declining

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

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