Question # 1

One of the following is invisible item of balance of payment

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Import of motor cars

Exports of cotton

Expenditure of passengers traveling by air

Private investment in foreign country

Demand curve of a monopolist has the shape

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Falls from left to right

Rises from left to right

Remains below MR curve

Remains parallel to ox-axis

Monetary theory of trade cycle was given by:

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Joseph Schumpeter

Habson Foster

Jevons

Hawtray

The systematic record of visible and invisible exports and imports of a country in one year is called

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Balance of trade

Balance of payment

External balance

Internal balance

Comparative cost theory is also called

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Theory of comparison cost

Theory of specialization of cost

Theory of balanced cost

Theory of specialization of production

When total utility is increasing marginal utility is

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Zero

Positive

Negative

Maximum

Which laws are conditional

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State

Economic

Scientific

Moral

The rate of usher on product of canal land is

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5%

10%

20%

2.5%

In which phase of Frade cycle level of employment and income becomes very low.

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Depression

Recovery

Recession

Boom

A textile mill produces 2000 meters cloth. Entrepreneur offers 1500 meters cloth to sell at price Rs 100 per meter and 500 meters cloth keeps with him. Cloth kept by the entrepreneur is called

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Total production

Supply

Stock

Surplus production

When total production is maximum, marginal product is:

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Positive

Negative

Zero

Infinite

" International balance of payment is all that transaction for which either foreign exchange is spent or received." This definition is stated by

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Prof. Marshal

Prof.Samuelson

Prof. Ricardo

Prof. Hicks

Private individuals are not allowed to fullfil their needs

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To get loans from the friends

To get financial help from the relatives

To get loans from the domestic financial institutions

To print notes

When after the observation and analysis of the conditions, they are stated as they are, is called

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Normative science

Positive science

Vegetation science

Science of Prediction

If demand does not change, despite a fall in price, is called

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Fall of demand

Rise of demand

Contraction of demand

Extension of demand

If percentage change in supply is less than the percentage change in price, then elasticity of supply is called

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Equal to unity

Less than unity

More than unity

Zero

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

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