11th Class ICom Part 1 Principles of Economics Chapter Wise Online MCQ Test With Answers PDF English Medium

Principles of Economics Icom Part 1 English Medium Online Test

Sr. #	Questions	Answers Choice
1	Marginal productivity theory was presented by	Adam Smith and Malthus Marshall and J.B Clark Robbins and Keyness Pigou and Cannon
2	MPP stand is	Marginal price product Marginal Physical Product Marginal Physical Price Marginal Perfect Price
3	Usually elasticity of demand in equilibrium situation under monopoly is	Equal than unity Less than unity more than unity Zero
4	Industry is in equilibrium under perfect competition in the long run, when every existing firm in the industry	Is earning abnormal profit Is earning normal profit Is facing minimum loss Is facing abnormal loss
5	Under monopoly, marginal revenue is _____ of output	Decreasing function Increasing function Quadratic function Cubic function
6	Speed of increase in total revenue remains equal with the increase in output	Under monopoly Under oligopoly Under perfect competition Under pure competition
7	Tendency of average revenue curve under monopoly is alwaus	Falls down Parallel to x-axis Rises up Parallel to y-axis
8	If the most part of total supply of commodity is produced by one firm, it is called	Oligopoly Monopoly Perfect competition Monopolistic competition
9	Monopoly is opposite to	Perfect competition Imperfect competition Perfect competition and imperfect competition both Oligopoly
10	When a firm earns abnormal profit in the short run, then its	MC=MR=AR=AC all are equal MC=MR=AR while AC is less MC=MR=AR while AC is more MC=MR=AR while AV is sometimes equal to them and sometimes less than tham
11	Monopolist firm in the long run	Always faces loss Usually faces loss Usually earns normal profit Always earns abnormal profit
12	Under perfect competition in the long run a firm	Always earns abnormal profit Always earns normal profit Usually earns abnormal profit Usually faces loss
13	A firm earns normal profit	When price of the commodity is equal to average cost When price of the commodity is more than average cost When price of the commodity is less than average cost When total revenue is more than total costs
14	Under perfect competition, marginal revenue and average revenue curves	Moves from left to right upward Moves from left to right downward Remain parallel to x-axis Remain parallel to y-axis
15	Till marginal cost curve remains below the marginal revenue curve, from the economic point of view, increase in production for a firm is	Beneficial Unbeneficial May be beneficial or unbeneficial Neither beneficial nor unbeneficial

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