Question # 1

If the face value of a coin is equal to the value of metal used in:

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Legal money

Token money

Standard money

Both b and c

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

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Will increase its price

Will decrease its price

Will not change its price

None of these

According to which economist, utility is measureable

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Marshall

Adam smith

Robbins

Keynes

Not acting upon economic laws

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One gets punishment

Economy faces loss

Only the people not acting, face loss

No one is influenced

The cause of rise and fall of demand is

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income

price

population

Both 1st and 3rd

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

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Law of decreasing cost

Law of constant cost

Law of increasing cost

Law of decreasing return

Demand for factors of production is

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Direct

Derived

Positive

Negative

If income of the government is more than its expenditures, such budget is called

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Surplus budget

Deficit budget

Balanced budget

Capital budget

When total production is maximum, marginal product is:

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Positive

Negative

Zero

Infinite

Under Monopoly, a firm is in equilibrium position when Ed is:

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Equal to unity

Less than unity

Grater than unity

Both b and c

Under monopoly, the slope of MR curve is:

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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

Comparative cost theory is also called

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Theory of comparison cost

Theory of specialization of cost

Theory of balanced cost

Theory of specialization of production

Total product decreases, when marginal product is

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Positive

Negative

Zero

None of these

The goods which can be used in place of each other, are called

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Complimentary goods

Substitute goods

Alternative goods

Jointly demanded goods

Because of devaluation of currency of a country, its exports

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Decrease

Increase

Remains constant

Go on changing

As factor of production, river and sea are called

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Land

Labour

Capital

Organization

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

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