Question # 1

In short average cost curve is:

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Saucer shaped

Negative slope

U shaped

Flatter

When price decreases, supply

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Extends

Contracts

Becomes zero

Remains fixed

Recent international depression was appeared in:

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1936

1990

2005

2008

Exact perdition not possible in:

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Economic laws

Science laws

Moral laws

Social law

Economics is basically divided into two parts

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Micro and macro economics

Micro and applied economics

Theoretical and applied economics

Welfare and applied economics

What is the reward of Labour ?

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Rent

Wage

Interest

Profit

The percentage part of the mineral production is payable as Zakat on private owners of minerals

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5%

10%

15%

20%

According to which economist, it is difficult to find marginal product

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Robbins and Keynes

Marshall and pigou

Adam Smith and Mathuls

Taussing and Davenport

According to Pigou national income is that part of material wealth

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Which can be stored easily

Which can be measured by the scale of money

Which have volume and surrounds

Which is exported

Difference between total revenue and total cost presents:

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Price

Profit

Production

Loss

Demand for the commodities having different uses

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Less elastic

More elastic

Perfectly inelastic

Infinitely elastic

Which is not included in variable cost

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price of raw material

Advertisement expenditures

rent of builiding

wages of labour

If demand did not influence by the charge in price, that is called:

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Elasticity of demand = 1

Elasticity of demand < 1

Elasticity of demand > 1

Elasticity of demand = 0

If income of government is less than its expenditures, then it is a

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Surplus budget

Deficit budget

Development budget

Balanced budget

When marginal utility is negative, then total utility

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Decreases

Increases

Does not change

Becomes negative

Note of 500 rupees is

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token money

credit money

convertible paper money

inconvertible paper money

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

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