Question # 1

If demand has unit price elasticity, a change in price causes

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increase in total revenue

decrease in total revenue

no change in total revenue

indeterminate

Which of the following saying describes diminishing marginal returns in the short run?

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When the cat is away, the mouse will play

Too many cooks spoil the broth

A rolling stone gathers no moss

A stitch in time saves nine

Rickshaw has replaced tonga as local transport. As a result the tongs-drivers have become unemployed. Such unemployment is called

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structural

frictional

seasonal

personal

Equilibrium of consumer is explained by

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negative utility

positive utility

marginal utility

profit

One of the following is an example of monopoly.

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Motorways

Pakistan railways

PIA

None of these

Scarcity means

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non availability of goods

high price of goods

less supply than demand

high profit of the firms

Economics

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is more important than mathematics

is a social science

should be made compulsory for every student

is difficult to study

normative economics

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deals solely with the facts

is never studied in colleges

involves opinions and interpretations

is clearly preferable to positive economics

When supply rises more than demand price of the product will.

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Rise

Fall

Remain unchanged

Non of the three

Which of the following is capital

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toy of a child

plough of the farmer

calculator of the student

novel book in the library

A ______ is something which is measurable and can take on different values

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Variable

Constant

Both a and b

None of these

Normal price is a price which prevails

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In day to day market

In domestic market

In the long run market

In a foreign market

Demand is a function of

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price

quantity

supply

none

Debenture holders recive.

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Interest

Wages

Dividend

Profit

Productivity of capital depends upon

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quality of labour

quality of raw materials

quality of management

all of the above

If price and total revenue move in the same direction, then demand is

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inelastic

elastic

unrelated

perfectly elastic

Market Price of Perishable

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Commodities

Utility

Consumer

None of these

Marshall wrote the book

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Introduction to economics

Principles of economics

Classical economics

Micro economics theory

Power of a product which can satisfy human want is.

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Utility

Total utility

Average utility

Marginal utility

Factors of production are recently termed as.

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Output

Outly

Input

None of them

Law of diminishing marginal utility provides basis for:

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Law of demand

Law of supply

Laws of returns

Law of variable proportions

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Economics Ics Part 1 English Medium Online Test MCQs With Answers

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