Question # 1

Methods for measurement of national income are:

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Two

Three

Four

Five

Under decreasing return, the slope of marginal product curve is

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Negative

Positive

Infinite

Zero

If supply does not change, then due to rise in demand, equilibrium price.

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Increases

Decreases

Does not change

Becomes zero

Rise of supply can be shown with the help of

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A supply curve

More than one supply curves

Fixed supply curve

Vertical supply curve

When supply increases due to rise price, it is called:

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Fall in supply

Contraction in supply

Expansion in supply

Rise in supply

When demand and supply rise in equal propoertion, the equilibrium price will:

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Fall

Rise

Constant

None of those

Demand for factors of production is

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Direct

Derived

Positive

Negative

Dividing total fixed costs by the units of output, is attained

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Average fixed cost

Average variable cost

Average cost

Marginal cost

National income increases by

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The increase in the quantity of capital goods

The increase in the quantity of goods and services

The increase in price of goods

The increase in the income of entrepreneurs

Equilibrium price is determined where:

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D = S

D > S

D < S

Both (b) and (c)

In order to satisfy some wants, more than one commodities are needed. Demand for such commodities is called

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Joint demand

Composite demand

Derived demand

Direct demand

When total product decreases, marginal product

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Is positive

Is negative

Is zero

Is increasing

When average product increases, marginal product is:

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Also increases

Decreases

Zero

Negative

Marginal utility curve moves

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From left to right downward

From left to right upward

Parallel to ox axis

Parallel to oy axis

Who did write the book named "General theory of employment, interest and money

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Robbins

Pigou

Keynes

Cannon

The money whose face value and intrinsic value are different

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Token money

Standard money

Legal money

Near money

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

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