Question # 1

At least one factor is fixed in:

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Market period

Long period

Short period

All of three

Law of increasing return is also known as:

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Increasing cost

Constant cost

Diminishing cost

Both (a) and (c)

What is meant by demand for a commodity in economics

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To desire for a commodity

To have power to buy

To have power to buy a commodity with desire

Quantity of a commodity

In how many parts professor Adam smith divided his book "Wealth of nations"

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Two

Three

Four

Five

Economic problem arises because human wants

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Are unlimited

Are limited

Do not exists

None of three

Law of equi-marginal utility is also known as:

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Total utility maximizing law

Law of substitution

Law of indifference

All of them

According to which economist some trade cycles complete their cycle during a period of fifty years or sixty years

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Prof Kitchen

Prof Jugglar

Prof Pigou

Prof Kondratieff

In which punishment is not applicable for the disobedience, the laws are

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Moral laws

Laws of state

Political laws

Economic laws

If the face value of a coin is greater than the value of metal used in:

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Legal money

Token money

Standard money

Both b and c

Marginal utility curve moves

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From left to right downward

From left to right upward

Parallel to ox axis

Parallel to oy axis

Not acting upon economic laws

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One gets punishment

Economy faces loss

Only the people not acting, face loss

No one is influenced

If supply does not change despite a change in price, then elasticity of supply is called

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Equal to unity

Less than unity

More than unity

Zero

National income is total of

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Incomes of all entrepreneurs of the country

Incomes of all industrialists of the country

Incomes of all salaried persons of the country

Incomes of all the people of the country

When marginal utility is positive, total utility

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Goes on decreasing

Goes on increasing

Does not change

Is zero

Study of small units of an economic system is called

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Micro economics

Macro economics

Applied economics

All the three

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

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Imports

Exports

Production

Savings

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

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