Question # 1

Demand for luxuries goods is:

Choose an answer

Perfectly elastic

Less elastic

Perfectly inelastic

More elastic

Under monopoly, marginal revenue is _____ of output

Choose an answer

Decreasing function

Increasing function

Quadratic function

Cubic function

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

In a production process, when units of variable factors along with fixed factor of production are increased marginal cost goes on falling, this tendency in economics is called

Choose an answer

Law of decreasing cost

Law of increasing cost

Law of constant cost

Law of decreasing return

One of the following precautions is not included in measurement of national income by product method

Choose an answer

To subtract depreciation allowance

To subtract indirect taxes

Not to include transfer payments

To include subsidies

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

Choose an answer

Equal to unity

Less than unity

More than unity

Zero

What is the reward of Labour ?

Choose an answer

Rent

Wage

Interest

Profit

Who said that economics is science of wealth

Choose an answer

Adam smith

Robbins

Marshall

Pigou

The trade that takes place between the individuals living in different areas of a country is called

Choose an answer

Domestic trade

International trade

Foreign trade

Regional Trade

Monetary theory of trade cycle was given by:

Choose an answer

Joseph Schumpeter

Habson Foster

Jevons

Hawtray

Zakat means

Choose an answer

Growth

Purification

Tax

Both 1st and 2nd

When average cost falls, marginal cost is - - - - - - average cost

Choose an answer

Less than

More than

Equal to

None of three

One of the following is not advantage of international trade

Choose an answer

Provision of necessities of life

Imperfections of market

Provision of medicines & machinery

Provision of necessities of defence

World economic depression accured in

Choose an answer

1927

1928

1929

1931

The factor of production which is result of human struggle.

Choose an answer

Land

Labour

Capital

Organization

If 50% change in demand in response of 30% change in price then:

Choose an answer

Elasticity of demand = 1

Elasticity of demand < 1

Elasticity of demand > 1

Elasticity of demand = 0

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