Question # 1

Subsidies means:

Choose an answer

Relief price to consumers

Relief in price to Producers

Surplus budget

Both a and b

Study of small units of the economoy is known is:

Choose an answer

Micro economics

Macro economics

Applied economics

All of them

One of the following is not include in national income:

Choose an answer

Transfer payments

Depreciation

Wages

Both a and b

One of the following is not included in explicit cost

Choose an answer

Wages of labourers

Reward of entrepreneur's personal labour

Price of raw material

Interest of capital

First and basic law of consumption is

Choose an answer

Law of demand

Law of decreasing return

Law of supply

Law of diminishing marginal utility

If the rate of tax does not change with decrease or increase in the level of income, is called

Choose an answer

Proportional tax

Progressive tax

Regressive tax

value added tax

Which one of the following does not exist during deflation

Choose an answer

Production decreases

Value of money increases

Supply of goods and services increases from their demand

Level of employment increases

If demand and supply both fall in the same proportion

Choose an answer

Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity increases

Micro economics related to

Choose an answer

International trade

Behavior of firm

National income

Personal income

Disadvantages of paper money are

Choose an answer

Unstable value

Possibility of inflation

Possibility of wastage

All the three

Which laws are conditional

Choose an answer

State

Economic

Scientific

Moral

Under monopoly, in the long run a firm

Choose an answer

Earns normal profit

Earns abnormal profit

Bears minimum loss

Bears abnormal loss

The money whose face value and intrinsic value are equal, is called

Choose an answer

Token money

Standard money

Paper money

Credit money

Slope of demand curve is

Choose an answer

Negative

Positive

zero

fixed

The best definition of money is stated by

Choose an answer

Marhsall

Crowther

Keynes

Walker

If demand for commodity X changes due to the change in price of commodity, it is called

Choose an answer

Cross elasticity

Price elasticity

Income elasticity

Arc elasticity

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