Question # 1

If the total expenditure of the consumer increases due to increase in price, then nature of elasticity of demand will be

Choose an answer

Equal to unity

Less than unity

More than unity

Elasticity of demand = zero

The most appropriate definition of money was given by:

Choose an answer

F.A.Walker

Keynes

Pigou

Crowther

If demand for commodity X changes due to the change in price of commodity, it is called

Choose an answer

Cross elasticity

Price elasticity

Income elasticity

Arc elasticity

If demand decreases by 15% due to 10% increase in Price, then elasticity of demand is

Choose an answer

Equal to unity

More than unity

Less than unity

Zero

Organization means an individual or institution which with optimum factor combination

Choose an answer

Lays foundation of business always earning profit

Lays foundation of business but does not accept the responsibility of profit and loss

Lays foundation of business but accepts the responsibility of profit and loss

Serves as a manger in the business and receives remuneration

Vertical supply curve means

Choose an answer

Same quantity supplied at differented price

Different quantities supplied at one price

Different quantities supplied at different prices

None of three

The rate change in total cost is:

Choose an answer

TR

MC

MR

TC

Propounder of economics was

Choose an answer

Robbins

Marshall

Adam smith

Keynes

If the rate of tax increase with the increase of level of income, is called

Choose an answer

Progressive tax

Proportional tax

Regressive tax

Value added tax

If the equation is this, MC=MR-AR(P)=AC, then the firm

Choose an answer

Earns normal profit

Earns abnormal profit

Bears minimum loss

Bears abnormal loss

Note of 500 rupees is

Choose an answer

token money

credit money

convertible paper money

inconvertible paper money

When demand and supply rise in equal propoertion, the equilibrium price will:

Choose an answer

Fall

Rise

Constant

None of those

Comparative cost theory is also called

Choose an answer

Theory of comparison cost

Theory of specialization of cost

Theory of balanced cost

Theory of specialization of production

Which one is increasing function of price

Choose an answer

Demand

Supply

Utility

Consumption

What can a firm do in the short run

Choose an answer

Firm can increase its plants

Firm can expand its building

New firm can not enter the business

New firm can enter the business

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer