Question # 1

Cannon,. Pigou and Pareto belonged to school of thought

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Classical

Neo classical

Keynesian

None of these

A firm is in equilibrium when its

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Marginal revenue is equal to marginal cost

Marginal revenue is more than marginal cost

Marginal revenue is less than marginal cost

Marginal revenue is equal to average cost

If a monopolist wants to increase the sale of its product, it will have to --------- the price of its good

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Decrease

Increase

Keep constant

None of the three

One of the following precautions is not included in measurement of national income by product method

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To subtract depreciation allowance

To subtract indirect taxes

Not to include transfer payments

To include subsidies

Perfectly inelastic supply curve is:

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Vertical

Rise upward

Horizontal

Fall downward

Demand for the goods which have different uses, is

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More elastic

Less elastic

Infinity

Zero elastic

Supply curve of perishable goods is:

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Horizontal

Vertical

Infinite

All of them

If an entrepreneur does service, in economics it is called

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Organization

Discipline

Labour

Wage

During inflation prices are

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Zero

Low

Increase

Constant

Under Monopoly, a firm is in equilibrium position when Ed is:

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Equal to unity

Less than unity

Grater than unity

Both b and c

Who said that economics is the science of material welfare ?

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Adam smith

Marshall

Ricardo

Robbins

The price at which quantity demanded and supplied are equal

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Equilibrium price

Reserve price

Fixed price

Variable price

When total product is maximum, marginal product

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Is positive

Is negative

Is zero

Is decreasing

If demand falls more proportionately then that of supply then

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity increases

Relationship between price of a commodity and demand for it exists

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Positive

Inverse

Indirect

None of these

One of the following is considered as capital:

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Land

Labour

Raw material

Both (a) and (b)

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

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