Question # 1

Cause of movement along the supply curve is

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Change in price

Other factors

Change in tax

Change in income

Theory of innovations was presented by:

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Joseph Schumpeter

Habson Foster

Jevons

J.R Hicks

Who said that utility cannot be measured

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Adam smith

Marshall

Keynes

Hicks

Marginal productivity theory was presented by:

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Pigou and Cannon

Adam Smith and F.A. Walker

Keynes and Semeulson

Marshall and J.B. Clark

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

One condition which is not included in perfect competition conditions

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Homogeneity of product

Difference in price

Large number of buyers and sellers

Perfect knowledge of the market

Founder of new classical school of thought was

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Adam smith

Marshall

Robbins

Keynes

Income received without any economic services:

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National Income

Transfer payments

Interest

Profit

All Pakistani coins are

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Token money

Standard money

Convertible money

Inconvertible money

Cause of shifting of demand curve is

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Change in price

Desire

Other factors

Exceptions

Deductive method of deriving economic laws

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We move from general conditions to particular conditions

We move from particular conditions to general conditions

Stated in general way

Different incidents are kept in view

When total utility is increasing marginal utility is

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Zero

Positive

Negative

Maximum

Comparative cost theory was presented by

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Marshall

Ricardo

Hecksher

Ohlin

The goods which are directly consumed by the human-being, are called

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Consumer goods

Capital goods

Industrial goods

None of the three

When production of a firm increases then total variable costs

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Decrease

Increase

Remain constant

Do not change

A system where the goods are exchanged with money is known as:

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Monetary system

Barter system

Coins system

Modified system

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

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