Question # 1

When AC is falling then:

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MC = AC

AVC = MC

MC > AC

MC < AC

------------------- are added in national income

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Depreciation allowance

Subsidies

Indirect taxes

Direct taxes

All the factors production can be hired except.

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Land

Labour

Capital

Organization

If supply goes on increasing due to a slight increase in price, then elasticity of supply is called

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Zero

Infinite

Equal to unity

More than unity

When supply increases due to rise price, it is called:

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Fall in supply

Contraction in supply

Expansion in supply

Rise in supply

In perfect competition the average revenue curve is

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Vertical

Horizontal

Rising

Declining

If demand for a commodity changes due to change in price of its substitute, it is called

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Price elasticity

Point elasticity

Cross elasticity

Arc elasticity

"A trade cycle is completed in three years four months" This is stated by

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Prof Kitchen

Prof Jugglar

Prof Jevons

Prof Pigou

Which statement is called subject matter of economics

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Problems of working individuals and their solution

Planning of increase in production

Unlimited wants and limited means

Solution of problems of the individuals living away from the society

______ is not considered perfect money

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Note of ten rupees

Note of hundred rupees

Piece of silver

Note of one thousand rupees

When demand curve shifts leftward (or downward), it is called

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Rise of demand

Fall of demand

Extension of demand

Contraction of demand

In which year the book named "An enquiry into the nature and causes of the wealth of nations" was written

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1696

1776

1803

1825

One of the following is not included in the causes of deficit in balance of payments of a country

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Increase in exports

Increase in imports

Unfavourable terms of trade

Occurance of inflation

One of the following is non economic want:

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Car

Bike

Fan

Self respect

In which direction demand and supply curves move

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Same

Opposite

parallel

Horizontal

Economic law are made by:

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Govt.

Courts

Parliament

Behaviour of the people

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

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