Question # 1

If price of a commodity remains constant but its supply decreases or price increases but supply remains constant, it is called

Choose an answer

Rise of supply

Extension of supply

Fall of supply

Contraction of supply

The subject matter of Macro Economics is

Choose an answer

Consumer's behavior

International trade

Firm's behavior

Price mechanism

The second name of law of increasing return is

Choose an answer

Law of cost

Law of increasing cost

Law of decreasing cost

Law of constant cost

Cannon,. Pigou and Pareto belonged to school of thought

Choose an answer

Classical

Neo classical

Keynesian

None of these

Who did write the book named "General theory of employment, interest and money"

Choose an answer

Marshall

Pigou

Adam Smith

Keynes

Firms equilibrium is at that point where

Choose an answer

MC=AR

MC=MR

MC=AVC

MC=AC

Phases of trade cycle are:

Choose an answer

Three

Four

Five

Six

Which economist is called Aristotal of economics

Choose an answer

Marshall

Keynes

Adam Smith

Malthus

Which book is named "Bible of Capitalism"

Choose an answer

Wealth of nations

Das capital

Principles of economics

General theory of employment, interest and money

Desire + Purchasing power is equal to:

Choose an answer

Demand

Supply

Income

Utility

If the demand for a commodity is less elastic, then an entrepreneur in order to increase his profit

Choose an answer

Will increase its price

Will decrease its price

Will not change its price

None of these

If income of government is less than its expenditures, then it is a

Choose an answer

Surplus budget

Deficit budget

Development budget

Balanced budget

If the most part of total supply of commodity is produced by one firm, it is called

Choose an answer

Oligopoly

Monopoly

Perfect competition

Monopolistic competition

If the total expenditure of the consumer increases due to increase in price, then nature of elasticity of demand will be

Choose an answer

Equal to unity

Less than unity

More than unity

Elasticity of demand = zero

The cause of shifting of supply curve is

Choose an answer

Change in price

Other factors

change in serving

change in demand

The non-material activities which have the ability to satisfy human wants indirectly, are called

Choose an answer

Goods

Services

Satisfaction

None of the three

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer