Question # 1

In order to satisfy some wants, more than one commodities are needed. Demand for such commodities is called

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Joint demand

Composite demand

Derived demand

Direct demand

Which of the following stated that utility is measurable

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Marshall

Adam Smith

Robbins

Keynes

MC cuts AC at:

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Maximum point

Minimum point

Increasing point

Decreasing point

River, sea, forests, rain are called

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Land

Labour

Capital

Organization

Deflation means:

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Rapid increase in price level

General decrease in price level

General increase in price level

Both a and c

In modern term, factors of production are called

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Inputs

Productive services

Inputs and productive services

Production of goods and services

Which economist said that the term demand for money should be used instead of circulation of money

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Prof Keynes

Prof Marshall

Prof Crowther

Prof Fisher

Tendency of average revenue curve under monopoly is alwaus

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Falls down

Parallel to x-axis

Rises up

Parallel to y-axis

Economics is a science:

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Political

Spiritual

Social

Scientific

In between how many countries international trade takes place under comparative cost theory

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Two

Three

Four

Many

The power of a good or service to satisfy a human want is called:

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Value

Price

Utility

All of them

If percentage change in supply is less than the percentage change in price, then elasticity of supply is called

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Equal to unity

Less than unity

More than unity

Zero

Surplus budget for the government is considered

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Useful

Harmful

Useful & harmful

None of three

In mathematics, symbol for utility is used

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U

M

X

Y

When there is a very small change in demand and price of a commodity, it is called

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Point elasticity

Arc elasticity

Cross elasticity

Income elasticity

Relationship between price of a commodity and demand for it exists

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Positive

Inverse

Indirect

None of these

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

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