Question # 1

The trade transaction between the individuals of different areas of a country is called

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Local trade

Regional trade

Domestic trade

International trade

If demand curve is parallel to y-axis, then elasticity of demand is

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Equal to unity

More than unity

Less than unity

Zero

Who said that economics is positive science

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Adam Smith

Marshall

Robbins

Keynes

Marginal utility curve moves

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From left to right downward

From left to right upward

Parallel to ox axis

Parallel to oy axis

Economics according to its scope is:

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Science

Art

Science & Art

Only positive science

Convertible paper money is issued by

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Central bank

Commercial bank

Industrial bank

Central government

National income is measured for:

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One year

Two years

Three years

Four years

At least one factor is fixed in:

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Market period

Long period

Short period

All of three

Demand for luxuries in

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Les elastic

More elastic

Perfectly elastic

Perfectly inelastic

Reward of Land is called.

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Rent

Wage

Interest

Profit

Exact perdition not possible in:

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Economic laws

Science laws

Moral laws

Social law

If currency can converted into gold, it is called:

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Convertible paper money

Inconvertible paper money

Bank Money

Both a and b

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

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Average cost

Marginal cost

Fixed costs

Variable costs

Who did name economics as science of satisfying unlimited wants with limited means

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Marshal

Adam Smith

Robbins

Pigou

The relation between quantity of money and price is:

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Positive

Negative

Direct

Inverse

Perfectly inelastic supply curve is:

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Vertical

Rise upward

Horizontal

Fall downward

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

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