Question # 1

Price determined with the equilibrium of demand and supply on some day

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Short period price

Long period price

Market price

Normal price

When total revenue is maximum, marginal revenue is

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More

Less

Constant

Zero

Which laws are framed by parliament

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State laws

Moral laws

Economic laws

Scientific laws

According to Marshall, Economics is

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Social Science

Correcting science

Positive science

Moral science

Who said that economics is positive science ?

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Adam smith

Marshall

Robbins

Keynes

If we deduct direct taxes from personal income, we get:

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NNP

GDP

DPI

PI

Production which is produced with a particular combination of factors of production, is called

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Total product

Average product

Marginal product

Positive product

Due to rise in demand, demand curve shifts to

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Right

Left

Both sides

None of these

Demand for necessities of life is

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Les elastic

More elastic

Perfectly elastic

Perfectly inelastic

Market equilibrium is attained when there exists in the market

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Perfect competition

Imperfect competition

Monopoly

Large quantity of commodity comes in the market

Transfer payment means:

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Rent transfer

Wages transfer

Reward without services

Profit transfer

Economic laws are:

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Definite and universal

Conditional

Moral

Political

Movement on the same demand curve is called:

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Increase is demand

Rise and fall in demand

Decrease in demand

Expansions and contraction in demand

Consumer goods are those goods which the consumers consume

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Directly

Indirectly

Sometimes

Never

When average cost increases, marginal cost is - - - - - - average cost

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Less than

More than

Equal to

None of three

national income is found by

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Subtracting depreciation allowance from gross national product

Subtracting indirect taxes from net national product

Adding subsidies in net national product

Subtracting indirect taxes and adding subsidies in net national product

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

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