Question # 1

When average product decreases, marginal product

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Increases

Is zero

Is equal to average product

Is less than average product

Who said that economics is science of wealth

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Adam smith

Robbins

Marshall

Pigou

Under perfect competition, marginal revenue and average revenue curves

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Moves from left to right upward

Moves from left to right downward

Remain parallel to x-axis

Remain parallel to y-axis

Which one of the following is direct tax

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Sales tax

Import duty

Export duty

Income tax

If the equation is this, MC=MR-AR(P)=AC, then the firm

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Earns normal profit

Earns abnormal profit

Bears minimum loss

Bears abnormal loss

Who said that economics is normative science ?

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Keynes

Robbins

Marshall

Rocher

The term marginal in economics means:

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An additional unit

Change in unit

Last unit

All of them

In balance of payment are included

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Visible items

Invisible items

Visible and invisible items

Material items

Private individuals can get loan from

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Their relatives, friends and domestic financial institutions

Foreign financial agencies

Foreign government

International financial institutions

Short run cost curves are generally

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flatter

u shaped

saucer shaped

oval

Kinds of supply according to period of time are

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Two

Three

Four

Five

Law of increasing return is more applicable in:

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Trade sector

Industrial sector

Agricultural sector

Power sector

All Pakistani coins are

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Token money

Standard money

Convertible money

Inconvertible money

One of the following is not disadvantage of international trade

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Dependence on production of limited goods

Supply of goods injurious to health

Bitter pill for political freedom

Development of civilization & culture

Laws of return are

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Two

Three

Four

Five

If 50% change in supply in response to 50% change in price then:

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Es = 0

Es = 1

Es > 1

Es < 1

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

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