Question # 1

Which economist said that, economics cannot be separated from spiritual values?

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Marshall

Robbins

Adam smith

Voton

Amount of money attained by selling marginal product is called

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Average revenue product

Marginal revenue product

Total revenue product

None of three

Exceptions, or limitations of law of demand have been stated by

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Professor Marshall

Professor Adam Smith

Professor Benham

Professor Robbins

Cause of shifting of supply curve is

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Change in price

Other factors

Change in tax

Change in income

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

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Earns normal profit

Earns abnormal profit

Bears loss

Bears abnormal loss

Quantity theory of money was criticised by

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Prof. Keynes

Prof Marshall

Prof Pigou

i and ii both

Private individuals can get loan from

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Their relatives, friends and domestic financial institutions

Foreign financial agencies

Foreign government

International financial institutions

When marginal product is zero, total product is

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Maximum

Minimum

Negative

Zero

If supply decreases due to decrease in price, it is called

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Extension of supply

Contraction of supply

Rise of supply

Fall of supply

Usher is levied on

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Cash amount

Goats and sheep

Trading goods

Agricultural production

Government needs public finance

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For the defence of frontiers

To maintain law and order in the country

For the payment of salaries of government employees

For the welfare of the people

Mental or physical work undertaken for reward by human being is called

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Land

Labour

Capital

Organization

------------------- are added in national income

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Depreciation allowance

Subsidies

Indirect taxes

Direct taxes

Demand for good like Television and VCR is

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Less elastic

More elastic

Perfectly inelastic

Infinitely elastic

When total product increases, marginal product

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Is positive

Is negative

May be positive or negative

Is zero

Which phase starts with the increase in expected rate of profit

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Depression

Recovery

Boom

Recession

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

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