Question # 1

One is not included in measuring National income

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Wage of labour

services of house lady

Agricultural production

Industrial production

Other things remaining the same, marginal utility of a commodity diminishes with its continuous consumption. This law is called

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Law of diminishing marginal utility

Law of equi marginal utility

Law of demand

Law of decreasing return

One of the following is not included in the causes of deficit in balance of payments of a country

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Increase in exports

Increase in imports

Unfavourable terms of trade

Occurance of inflation

TU is maximum where MU of all goods is:

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Minimum

Maximum

Negative

Equal

Propounder of economics was

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Robbins

Marshall

Adam smith

Keynes

Which one is comparatively the most important factor ?

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Land

Labour

Capital

Organization

If the demand for commodity being produced increases, then a firm in the short run ------- its variable factors

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Increases

Decreases

Keeps the same

None of three

Which one of the following stated the canons of taxation first

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Adam Smith

Marshall

Robbins

Keynes

The second name of law of constant return is

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Law of decreasing cost

Law of increasing cost

Law of cost

Law of constant cost

Price is determined under perfect competition

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By sellers

By buyers

By government

By forces of demand and supply

Under consumption or over saving theory is presented by

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Prof Hobson, Foster and Catchings

Prof Hawtrey

Prof Keynes

Prof Jevons

In case of horizontal supply curve, Es is:

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Mero than unity

Less than unity

Zero

Infinite

Market value of all final goods and services is known as:

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N.I

G.N.P

N.N.P

Both a and b

If demand does not change, then due to fall of supply

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Equilibrium price increases

Equilibrium price decreases

Equilibrium quantity increases

Which factor combines other three factors ?

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Land

Labour

Capital

Organization

Balance of visible goods of a country mean

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Quantity of imports & exports

Value of imports & exports

Value of imported & exported goods and services

Value of imported & exported services

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

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