Question # 1

All Pakistani coins are

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Token money

Standard money

Convertible money

Inconvertible money

During recession demand for factors of production is

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Limited

Very low

Too much

Under consumption or over saving theory is presented by

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Prof Hobson, Foster and Catchings

Prof Hawtrey

Prof Keynes

Prof Jevons

Theory of innovations was presented by:

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Joseph Schumpeter

Habson Foster

Jevons

J.R Hicks

Price of perishable goods is determined in:

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Very short period

Very long period

Day to Day

Both (a) and (c)

Which economist introduced economics as a science for the first time

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Adam Smith

Robbins

Marshall

Pigou

What can a firm do in the short run

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Firm can increase its plants

Firm can expand its building

New firm can not enter the business

New firm can enter the business

When price increases, supply:

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Contracts

Expands

Remains fixed

Becomes zero

Additional amount of money which a firm gets by selling an additional unit of output is called

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Average revenue

Marginal revenue

Total revenue

Revenue

The name of first law of consumption is

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Law of demand

Law of diminishing marginal utility

Law of equi marginal utility

Law of supply

The base of international trade theory of Devid Ricardo is

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Absolute advantage

Comparative cost

Cheaper cost

Low cost

Which economist did present, cardinal theory of utility

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Marshall

Karoos

Cannon

J.B. Say

What is money

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Coins of gold and silver

Paper money

Agricultural crops

Everything which can be used as a medium of exchange

If we deduct foreign income from GNP, we get:

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N.N.P

G.D.P

D.P.I

P.I

How many kinds of costs are in the short period

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Two

Three

Four

Five

If supply curve is vertical (parallel to y-axis), then elasticity of supply is

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Zero

Infinite

Equal to unity

More than unity

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

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