Question # 1

Quantity of a commodity offered for sale in a market at a certain price during a given period of time, is called

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Stock

Demand

Supply

Quantity demanded

Which money is not legally backed

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Metallic money

Paper money

Credit money

Near money

No factor can take the place of any other factor, it is explained by

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Law of decreasing return

Law of constant return

Law of increasing return

Law of return

Wages of permanent labourers are:

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Fixed cost

Marginal cost

Total cost

Variable cost

Marginal cost curve cuts average cost curve when average cost is

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Maximum

Minimum

Increasing

Decreasing

National income is measured for:

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One year

Two years

Three years

Four years

Number of firms under monopoly is

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One

Two

Three

Four

In case of fall in demand, demand curve shifts:

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Left side

Right side

Downward

Both (a) and (c)

Which law provides the base of law of demand

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Law of supply

Law of diminishing marginal utility

Law of equi marginal utility

Law of decreasing return

Law of increasing return is more applicable in:

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Trade sector

Industrial sector

Agricultural sector

Power sector

On which of the following law of diminishing marginal utility is applicable

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Money and wealth

Historical articles

Normal goods of need

Narcotics

Who is father of economics

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Marshall

Malthus

Adam smith

Cannon

In case of rise in demand, demand curve shifts:

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Right side

Downward

Upward

(a) and (c)

Zakat is part of the present income

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20th

30th

40th

50th

Adam Smith presented the basic canons of taxation

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Two

Three

Four

Five

During inflation prices are

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Zero

Low

Increase

Constant

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

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