Question # 1

State laws are of

Choose an answer

Regional nature

Country nature

International nature

Non of three

One is not included in measuring National income

Choose an answer

Wage of labour

services of house lady

Agricultural production

Industrial production

If supply does not change, then due to rise of demand

Choose an answer

Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity decreases

The additional cost which a firm has to bear in order to produce additional unit of output, are called

Choose an answer

Average cost

Marginal cost

Fixed costs

Variable costs

The duty of a market is not to

Choose an answer

make exchange of goods

contact buyers and sellers

determine price

give maximum output

If the income and expenditures of the government are equal, such budget is called

Choose an answer

Surplus budget

Deficit budget

Balanced budget

Capital budget

The factor of production which is result of human struggle.

Choose an answer

Land

Labour

Capital

Organization

Difference between total revenue and total cost presents:

Choose an answer

Price

Profit

Production

Loss

One of the following is not monetary measure to control inflation

Choose an answer

Increase in bank rate

Open market operation

Increase in ratio of reserve capital

To create constant situation

Equilibrium price is determined in.

Choose an answer

Perfect market

Imperfect market

Monopoly

None of these

Individuals of a country produce a certain quantity of goods and services using the resources of the country with the help of their capital, it is called national income this definition is presented by

Choose an answer

Professor Marshall

Professor Paul A Samuelson

Professor Fisher

Professor Pigou

If elasticity of supply is equal to unity then extending supply curve downward, it passes through or crosses

Choose an answer

y-axis

x-axis

Point of origin

Becomes vertical

Because of increase in national income

Choose an answer

Standard of living rises

Standard of living falls

No change occurs

None of three

During recession demand for factors of production is

Choose an answer

More

Limited

Very low

Too much

To determine consumer's equilibrium, professor Marshall got help from the law

Choose an answer

Law of diminishing marginal utility

Law of equi marginal utility

Law of demand

Law of constant return

Private individuals are not allowed to fullfil their needs

Choose an answer

To get loans from the friends

To get financial help from the relatives

To get loans from the domestic financial institutions

To print notes

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