Question # 1

When no satisfaction is attained by the consumption of a commodity, its marginal utility is

Choose an answer

Zero

Positive

Negative

Minimum

Transfer payment means that income

Choose an answer

Which can move from one place to order place i.g. money etc.

Which is received without labour, e.g. Zakat, gift , pension etc

Which is received after hardwork

Which is received by exports

By increasing the cost of production, the supply

Choose an answer

Extends

contracts

Falls

Rises

Which one of the following represents fixed cost

Choose an answer

Price of raw material

Wages

Capital goods

Wages of permanent labour

Total number of canons of taxation stated by different economists is

Choose an answer

Seven

Nine

Eleven

Twelve

Who wrote the book named "An enquiry into the nature and causes of the wealth of nations ?

Choose an answer

Adam Smith

Marshall

Robbins

Canon

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

Choose an answer

Equal to unity

Less than unity

More than unity

Infinite

Quantity of a commodity offered for sale in a market at a certain price during a given period of time, is called

Choose an answer

Stock

Demand

Supply

Quantity demanded

A system where the goods are exchanged with money is known as:

Choose an answer

Monetary system

Barter system

Coins system

Modified system

In order to satisfy some wants, more than one commodities are needed. Demand for such commodities is called

Choose an answer

Joint demand

Composite demand

Derived demand

Direct demand

Laws cannot be predicted

Choose an answer

Scientific laws

Moral laws

Economic laws

Natural laws

Inconvertible paper money is issued by

Choose an answer

Central bank

Commercial bank

Industrial bank

Central government

To determine consumer's equilibrium, professor Marshall got help from the law

Choose an answer

Law of diminishing marginal utility

Law of equi marginal utility

Law of demand

Law of constant return

The factor of production which is result of human struggle.

Choose an answer

Land

Labour

Capital

Organization

If 50% change in demand in reposne of 50% change in price then:

Choose an answer

Elasticity of demand = 1

Elasticity of demand < 1

Elasticity of demand > 1

Elasticity of demand = 0

Economic laws are:

Choose an answer

Definite and universal

Conditional

Moral

Political

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

Choose an answer