Question # 1

The relationship between price and quantity supplied is:

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Inverse

Positive

Infinite

Zero

Who did separate economics from political science for the first time

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Marshall

Malthus

Adam smith

Ricardo

If two goods are complimentary, cross Elasticity of demand will be:

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Zero

Infinite

Positive

Negative

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

International Monetary fund is

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Local

Regional

National

International

Which combination of the following is of joint demand

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Tea and coffee

Petrol and car

Meat and grocery

Inkpot and book

The second name of law of increasing return is

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Law of cost

Law of increasing cost

Law of decreasing cost

Law of constant cost

The second name of law of constant return is

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Law of decreasing cost

Law of increasing cost

Law of cost

Law of constant cost

The amount of money which a firm gets by selling a particular quantity of output, is called

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Average revenue

Marginal revenue

Total revenue

Fixed cost

Firm's cost depends upon:

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Revenue

Supply

Price

Output

Private individuals are not allowed to fullfil their needs

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To get loans from the friends

To get financial help from the relatives

To get loans from the domestic financial institutions

To print notes

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

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Depreciation allowance

Subsidies

Indirect taxes

Direct taxes

Fixed costs are those costs of production which

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Rise with quantity of output

Do not change with any amount of production

Decline with rising production

None of these

At equilibrium price, demand and supply

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Increase

Become equal

Decrease

are different

In case of horizontal supply curve, Es is:

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Mero than unity

Less than unity

Zero

Infinite

When supply changes due to other factors besides price, it is called

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Rise of supply

Fall of supply

Rise and fall of supply

Extension and contraction of supply

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

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