Question # 1

Balance of payment of a country is balanced when its

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Receipts are more than payments

Receipts are less than payments

Receipts are equal to payments

None of three

"Money is what money does" is the statements of:

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Robbins

Marshall

Hicks

Keynes

Which one of the following does not exist during deflation

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Production decreases

Value of money increases

Supply of goods and services increases from their demand

Level of employment increases

It was impossible under barter system

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Lack of coincidence of wants

Lack of common measure of value

Divisibility of some goods in small parts

Solution of all the said problems

When the price of a commodity increases but its demand does not change, this situation is called

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Constant demand

Fall of demand

Rise of demand

Contraction of demand

One of the following is not included in the public expenditures

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Courts

Fee

Public administration

Defence

Study of small units of the economoy is known is:

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Micro economics

Macro economics

Applied economics

All of them

Concept of equilibrium level of national income in comprehensive way was presented by

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Professor keynes

Professor Marshall

Professor hicks

Professor Lipsay

Because of devaluation of currency of a country, its exports

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Decrease

Increase

Remains constant

Go on changing

How many kinds of science are

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Two

Three

Four

Five

Total expenditures which a firm bear to produce a particular quantity of output

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Fixed costs

Variable costs

Total costs

Average fixed cost

Who did write the book named "Nature and importance of economics"

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Adam smith

Marshall

Robbins

Keynes

If 50% change in demand in response of 30% change in price then:

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Elasticity of demand = 1

Elasticity of demand < 1

Elasticity of demand > 1

Elasticity of demand = 0

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

Elasticity of demand for luxuries is

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Equal to unity

More than unity

Less than unity

Zero

If 50% change in demand in reposne of 50% change in price then:

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Elasticity of demand = 1

Elasticity of demand < 1

Elasticity of demand > 1

Elasticity of demand = 0

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

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