Question # 1

In order to improve the balance of payment the foremost try is to increase

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Imports

Exports

Production

Savings

Tendency of average revenue curve under monopoly is alwaus

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Falls down

Parallel to x-axis

Rises up

Parallel to y-axis

Consumer goods are those goods which the consumers consume

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Directly

Indirectly

Sometimes

Never

Disposable personal income means

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Total of incomes

Income of an industry after fulfilling all the needs

After paying personal taxes, income of the people who provide factors of production

Save income of a person after the payment of the taxes

In mathematics, symbol for utility is used

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U

M

X

Y

When marginal product remains positive, total product

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Goes on decreasing

Goes in increasing

Becomes negative

Does not change

The term "inflation" means:

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Rapid increase in price level

Decrease in price level

General increase in price level

Both a and c

According to which economist, utility is measureable

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Marshall

Adam smith

Robbins

Keynes

Marshall belonged to the country

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America

England

France

Japan

If demand and supply both fall in the same proportion

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity increases

Government estimates its income and expenditures

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Monthly

Three monthly

Six monthly

Annual

If everybody pays tax according to his financial position, it is said

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canon of convenience

canon of Equality

canon of Economy

canon of simplicity

Usually elasticity of demand in equilibrium situation under monopoly is

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Equal than unity

Less than unity

more than unity

Zero

Usher is levied on

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Cash amount

Goats and sheep

Trading goods

Agricultural production

Relationship between price of a commodity and demand for it exists

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Positive

Inverse

Indirect

None of these

If in a production sector, along with the fixed factor of production, by increasing units of variable factors, marginal product remains constant, this tendency in economics is called

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Law of increasing return

Law of constant return

Law of decreasing return

Law of production

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

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