Question # 1

Reserve price of a commodity is that price

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Which is more than the cost of production of the seller

At which the seller sells his commodity tn the market

Which is equal to the cost of production of the seller

Below which the seller is not ready to sell his commodity

At last, indirect tax is paid by

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Shopkeeper

Entrepreneur

Customer

Whole-seller

Shut down point appears, when

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AVC=AR

AVC>AR

AVC<AR

AC=AR

"The nature and significance of economic sciences" was written by:

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Adam smith

Marshall

Robbins

Canon

Utility attained by the consumption of first unit of a commodity is called

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Positive utility

Negative utility

Initial utility

Zero utility

Initial utility is ______ individual utilities of all the units

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More than

Less than

Equal to

None of these

During inflation prices are

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Zero

Low

Increase

Constant

To derive economic laws inductive method was adopted by

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Classical school of thought

Neo classical school of thought

Historical school of thought

Modern school of thought

If supply of a commodity changes by more than 10% due to 10% change in its price, then elasticity of supply will be

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Equal to unity

More than unity

Less than unity

Infinite

Amount of money attained by selling marginal product is called

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Average revenue product

Marginal revenue product

Total revenue product

None of three

The concept of utility is:

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Subjective

Moral

Objective

Neutral

Firm's cost depends upon:

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Revenue

Supply

Price

Output

Who said that economics is normative science ?

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Keynes

Robbins

Marshall

Rocher

The term "Price Maker" is used in:

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Perfect competition

Oliogopoly

Monopoly

Monopsony

Change in total production is called

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Marginal production

Zero production

Total production

Average production

Who did separate economics from political science for the first time

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Marshall

Malthus

Adam smith

Ricardo

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

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