Question # 1

Zakat means

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Growth

Purification

Tax

Both 1st and 2nd

According to which economist, it is difficult to find marginal product of a factor of production

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Marshall and pigou

Adam Smith and Malthus

Keynes

Taussing and Davenport

In production process, when units of variable factors along with fixed factor of production are increased, marginal product goes on failing, this tendency in economics is called

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Law of decreasing return

Law of increasing return

Law of production

Law of constant return

The main cause of using the Cheque as money is

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They are proved as receipt

Most of the people accept them

Protection of money

Easy in transportation

Which law is applicable when human and natural forces are balance ?

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Increasing cost

Constant cost

Diminishing cost

Both (a) and (c)

Payment of zakat is compulsory for ----------- living in Islamic Country

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Every person

Every Muslim

Only Poor Muslim

Only Sahib-e-Nisab Muslim

"General theory of employment, interest and money" was written in:

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1930

1936

1932

1890

Cause of shifting of supply curve is

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Change in price

Other factors

Change in tax

Change in income

If supply of a commodity changes by less than 10% due to a 10% change in its price, then elasticity of supply will be

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Equal to unity

More than unity

Less than unity

Zero

The best definition of money is stated by

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Marhsall

Crowther

Keynes

Walker

Other things remaining the same, marginal utility of a commodity diminishes with its continuous consumption. This law is called

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Law of diminishing marginal utility

Law of equi marginal utility

Law of demand

Law of decreasing return

Marshall belonged to the country

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America

England

France

Japan

Which one is not condition of perfect competition

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Homogeneity of good

Difference in price of good

Large number of buyers and sellers

Perfect knowledge of market

If demand decreases by 15% due to 10% increase in Price, then elasticity of demand is

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Equal to unity

More than unity

Less than unity

Zero

Private owners of minerals are bound to pay --------- Zakat of their production

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10%

15%

20%

25%

When demand increases due to change in other factors it is known as:

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Contraction in demand

Expansion and contraction in demand

Expansion in demand

Rise in demand

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

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