Question # 1

Production of the last unit of a factor of production is called

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Total product

Average product

Marginal product

Positive product

A firm is in equilibrium, where:

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AR = MR

AC = MC

AC = MR

MC = MR

Shut down point appears, when

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AVC=AR

AVC>AR

AVC<AR

AC=AR

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

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Equilibrium price decreases

Equilibrium price increases

Equilibrium price does not change

Equilibrium quantity increases

Guides finance minister for levying tax on the income of the people

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Law of demand

Law of equi marginal utility

Law of diminishing marginal utility

Law of supply

Which law is applied when marginal utilities of all the purchased goods become equal to each other

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Law of diminishing marginal utility

Law of equi marginal utility

Law of demand

Law of increasing return

One of the following is not called land

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Rain

Mountain

Forests

Mangla Dam

Which factor has no pre-determined reward

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Land

Labour

Capital

Organization

Elasticity of supply if perishable goods is

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Equal to unity

More than unity

Less than unity

Zero

In the market period supply is:

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Variable

Fixed

Zero

Positive

Exact perdition not possible in:

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Economic laws

Science laws

Moral laws

Social law

One of the following is not the cause of inflation

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Increase in quantity of money

Increase in demand for goods

Increase in supply of goods

Increase in cost of production

Which factor can not be stored

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Land

Labour

Capital

Organization

"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

Deductive method of economic study.

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Systematic

General to particular

Universal to particular

Both (b) and (c)

Usually market price is ____________ normal price

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Equal to

Less than

More than

None of these

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

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