Question # 1

Who said that economics is science of wealth

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Adam smith

Robbins

Marshall

Pigou

Study of large units of the economy is known as:

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Micro economics

Macro ecnomics

Applied economics

All of them

To measure national income is used

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Product method

Incomes of the factor method

Expenditure method

All the three

Who did write the book named "General theory of employment, interest and money"

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Marshall

Pigou

Adam Smith

Keynes

If demand does not change, then due to rise of supply

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity decreases

Writing of the same behavior of the people in particular arrangement and words is called

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Normative science

Positive science

Economic law

Scientific law

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

Which money is not legally backed

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Metallic money

Paper money

Credit money

Near money

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

Modern theory trade cycle was presented by:

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Hawtrey

Habson Foster

Jevons

J.R Hicks

Which one of the following is not included in the assumptions of law of supply

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taste of consumer

cost of production

Methods of production

price of raw material

Which economist introduced economics as a science for the first time

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Adam Smith

Robbins

Marshall

Pigou

Founder of Classical school of thought was:

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Adam smith

Marshall

Robbins

Keynes

When average cost curve is rising, then marginal cost curve

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Remains below it

Remains above it

Remains parallel to it

Is vertical

Individuals of a country produce a certain quantity of goods and services using the resources of the country with the help of their capital, it is called national income this definition is presented by

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Professor Marshall

Professor Paul A Samuelson

Professor Fisher

Professor Pigou

Laws cannot be predicted

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Scientific laws

Moral laws

Economic laws

Natural laws

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

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