Question # 1

Under perfect competition in the long run a firm

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Always earns abnormal profit

Always earns normal profit

Usually earns abnormal profit

Usually faces loss

Due to rise in demand, demand curve shifts to

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Right

Left

Both sides

None of these

The exchange of goods and services from country to country is called

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Foreign

National trade

Corporate trade

Domestic trade

The additional cost which a firm has to bear in order to produce additional unit of output, are called

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Average cost

Marginal cost

Fixed costs

Variable costs

Consumer goods are those goods which the consumers consume

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Directly

Indirectly

Sometimes

Never

The equilibrium of the market is that demand and supply to each other are

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opposite

positive

equal

negative

"Principles of Economics" was written by.

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Adam smith

Marshall

Robbins

Canon

If demand curve is parallel to y-axis, then elasticity of demand is

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Equal to unity

More than unity

Less than unity

Zero

Who said that economics is neutural science ?

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Pigou

Keynes

Robbins

Marshall

Quantity theory of money failed during world economic depression

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In 1920

In 1925

In 1929

In 1935

The goods which are jointly demanded to satisfy a want, are called

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Complimentary goods

Substitute goods

Alternative goods

inferior goods

The whom individuals Marshal included in definition of economics

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Service of teachers

People living in forests

Trading professionals

People living in caves

Which one of the following public expenditures is related to transport

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Police

Defence

Railway

Public education

When production of a firm increases then total variable costs

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Decrease

Increase

Remain constant

Do not change

Wages of permanent labourers are:

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Fixed cost

Marginal cost

Total cost

Variable cost

Which one is comparatively the most important factor ?

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Land

Labour

Capital

Organization

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

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