Question # 1

Which one factor is free gift of nature ?

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Land

Labour

Capital

Organization

Of what nature state laws are

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Local

Regional

National

International

One of the following is not included in the public expenditures

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Courts

Fee

Public administration

Defence

Trade cycles can be controlled by:

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Fiscal policy

Monetary policy

Buffer stock schemes

All of these

Market price will be determined where

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Supply is more than demand

Demand is more than supply

Demand and supply are equal

Demand is less elastic and supply is more elastic

One of the following is not fiscal measure to control inflation

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Decrease in public expenditures

Increase in taxes

Encouragement of savings

Increase in investment

Equilibrium level of national income means that point where

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Consumption = saving

Consumption = investment

Income = saving + investment

Saving = Investment

The number of laws of cost are

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One

Two

Three

Four

If total expenditure of the consumer increases due to decrease in price, then nature of elasticity of demand will be

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Equal to unity

Less than unity

More than unity

Elasticity of demand = zero

Which characteristic is not found in economic laws

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Not quantitative

Cannot be predicted

No punishment in case of going against law

Definite and universal

Under monopoly the price is always equal to:

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AR

MR

MC

AVC

According to quantity theory of money doubling the quantity of money, prices

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Increase

Double

Decrease

One half

Which one of the following public expenditures is related to transport

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Police

Defence

Railway

Public education

One of the following is not substitute good:

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Mobile and charger

Petrol and CNG

Burger and Shawarma

Both b & c

Cost of a firm on the optimum combination of factors of production is

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Minimum

Maximum

Reasonable

Positive

One of the following is not included in labour

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Teaching of a teacher in a school

Working of a clerk in an office

To follow a case by a lawyer

To look after the child by his mother

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

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