Question # 1

If 50% change in supply in response to 50% change in price then:

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Es = 0

Es = 1

Es > 1

Es < 1

Quantity of a commodity which a person is ready to purchase at a particular price, is called

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Individual demand

Market demand

Supply

Market Supply

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

Fixed costs are those costs of production which

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Rise with quantity of output

Do not change with any amount of production

Decline with rising production

None of these

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

Which is not studied in micro economics

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Theory of consumer behavior

Price theory

Theory of money

Theory of distribution of wealth

In which year international monetary fund was established:

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1941

1944

1945

1947

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

Barter economy means the economy in which no good is generally accepted and goods are exchanged with goods. This definition is stated by the

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Prof Marshall

Stanlay Fisher

Culberon

Walker

New classical economist is

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Robbins

Malthus

Marshall

Adam Smith

Under perfect competition, marginal revenue and average revenue curves

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Moves from left to right upward

Moves from left to right downward

Remain parallel to x-axis

Remain parallel to y-axis

The goods which can be used in place of each other, are called

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Complimentary goods

Substitute goods

Alternative goods

Jointly demanded goods

Factors of production are more mobile

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In international trade

In the country

In both

In none

Economic problem arises because human wants

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Are unlimited

Are limited

Do not exists

None of three

If price increases but supply remains constant, it is called:

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Fall in supply

Contraction in supply

Expansion in supply

Rise in supply

The science in which conditions and incidents are checked from a particular point of view, is called

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Positive science

Normative science

Social science

All of three

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

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