Question # 1

Supply of perishable goods is

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More elastic

less elastic

Perfectly inelastic

infinite elasticity of supply

Law of diminishing return is more applicable in:

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Trade sector

Industrial sector

Agricultural sector

Education sector

If price of a commodity remains constant but its supply decreases or price increases but supply remains constant, it is called

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Rise of supply

Extension of supply

Fall of supply

Contraction of supply

Transfer payment means:

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Rent transfer

Wages transfer

Reward without services

Profit transfer

When marginal product is zero, total product is

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Maximum

Minimum

Negative

Zero

When total production is maximum, marginal product is:

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Positive

Negative

Zero

Infinite

One of the following is considered as capital:

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Land

Labour

Raw material

Both (a) and (b)

Unitary method is also known as:

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Total revenue

Total satisfaction

Total utility

Total expenditure

Quantity of a commodity which the consumers are ready to purchase at a particular price, is called

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Demand

Supply

Stock

Demand and supply

Till marginal cost curve remains below the marginal revenue curve, from the economic point of view, increase in production for a firm is

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Beneficial

Unbeneficial

May be beneficial or unbeneficial

Neither beneficial nor unbeneficial

During the phase of boom level of income and employment is

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Increasing

Decreasing

Highest

Lowest

According to classical economics, production process is under laws

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Two

Three

Four

Five

The best definition of money is stated by

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Marhsall

Crowther

Keynes

Walker

Laws of return are

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Two

Three

Four

Five

The rate of change in Qd due to change in price is called:

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Rise in demand

Income Elasticity of demand

Price Elasticity of demand

Cross Elasticity of demand

Speed of increase in total revenue remains equal with the increase in output

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Under monopoly

Under oligopoly

Under perfect competition

Under pure competition

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

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