11th Class ICom Part 1 Principles of Economics Chapter Wise Online MCQ Test With Answers PDF English Medium

Principles of Economics Icom Part 1 English Medium Online Test

Sr. #	Questions	Answers Choice
1	Production of an additional unit of factor refers to:	AP TP MP MR
2	MRP curve of a factor represents:	Demand of factors Supply of factors Price of factors Both a and c
3	MRP curve is slopping:	Negative Positive Downward Both a and c
4	Marginal productivity theory was presented by:	Pigou and Cannon Adam Smith and F.A. Walker Keynes and Semeulson Marshall and J.B. Clark
5	Firms earn abnormal profit when:	AR = AC AR < AC AR > AC AC = AR
6	Under monopoly the price is always equal to:	AR MR MC AVC
7	Under monopoly, the slope of MR curve is:	Twice the slope of AR curve Less than the slope of AR curve Greater than the slope of AR curve Half the slope of AR curve
8	If MC=MR=AR=AC=P, then a firms gains:	Super profit Normal profit Normal loss Abnormal loss
9	In the long run monopolist earns profit:	Normal Abnormal Super normal Both b and c
10	Under Monopoly, a firm is in equilibrium position when Ed is:	Equal to unity Less than unity Grater than unity Both b and c
11	Price discrimination policy refers to:	Single price Two prices Multiple prices None of these
12	In the long run firms mostly earn normal profit in:	Perfect competition Oliogopoly Monopoly Duopoly
13	The term "Price Taker" is used in:	Perfect competition Oliogopoly Monopoly Monopsony
14	The term "Price Maker" is used in:	Perfect competition Oliogopoly Monopoly Monopsony
15	Oligopoly means:	Single seller Two seller Multiple sellers Multiple buyers

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