Question # 1

Adam Smith belongs to:

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Poland

Scotland

Ireland

Holland

The most clear and comprehensive definition of economics is given by

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Adam Smith

Alfred Marshall

Robbins

A.C. Pigou

Individual income means

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Total of incomes received from any means by the people

Total of incomes of entrepreneurs of the country

Income of a particular person

Income of a family

In economics, every mental or physical struggle undertaken for reward, is called

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Land

Labour

Capital

Organization

If a person does not pay the amount of the tax from his own pocked on whom it is levied rather shifts its barden on some other person, then it is called

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Direct tax

Indirect tax

Proportional tax

Progressive tax

The slope of MR curve in monopoly is

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Vertical

Increasing

Horizontal

Negative

If demand is not influenced by the changes in price, elasticity of demand will be

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Equal to unity

More than unity

Less than unity

Zero

One of the following is not the assumption of quantity theory of money

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Velocity of circulation of legal money should not change

Velocity of Circulation of credit money should not change

Quantity of hoardings should not change

Quantity of goods and services should go on changing

Who said that economics is positive science

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Adam Smith

Marshall

Robbins

Keynes

Concept of equilibrium level of national income in comprehensive way was presented by

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Professor keynes

Professor Marshall

Professor hicks

Professor Lipsay

In macro economics, what kind of problems can be discussed

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International trade

Consumers behavior

Problems of a firm

Determination of price

Theory of sun-spot was presented by

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Prof Jevons and Henry L, Moor

Prof Pigou and begehot

Prof Hobson

Prof Cassel

Economic laws are:

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Definite and universal

Conditional

Moral

Political

Who said that economics is the science of wealth ?

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Adam Smith

Robbins

Marshall

Pigou

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

Demand for a commodity means

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Desire to purchase

Power to purchase

Price of commodity

All the three

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

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