Question # 1

According to comparative cost theory conditions ------------- in goods and labour market exist

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of monopoly

of duopoly

Monopolistic competition

of perfect competition

How many kinds are of positive economics

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Two

Three

Four

Five

The percentage part of the agricultural produce is payable as Zakat which is irrigated by natural water

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5%

10%

15%

20%

Saving deposits and time deposits of the banks, Govt. securities and shares of the companies are called

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Token money

Money of account

Standard money

Near money

Production of an additional unit of factor refers to:

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AP

TP

MP

MR

Who said that economics is the science of wealth ?

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Adam Smith

Robbins

Marshall

Pigou

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

During the phase of recession prices of goods

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Start rising

Start falling

are highest

are lowest

The systematic record of the money value of visible exports and visible imports of one year of country is called

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Balance of trade

Balance of payment

International balance

External balance

If quantity demand changes due to the change in income, it is called:

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Point Elasticity of demand

Arc Elasticity of demand

Income Elasticity of demand

Price Elasticity of demand

Who did write the book named "Principles of Economics" was written

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Adam smith

Marshall

Robbins

Cannon

One of the following is not assumption of law of diminishing marginal utility

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Same nature of the commodity

Consumption of the commodity with intervals

Suitable quantity of the commodity

No change in consumers mental condition

To determine consumer's equilibrium, professor Marshall got help from the law

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Law of diminishing marginal utility

Law of equi marginal utility

Law of demand

Law of constant return

According to Pigou national income is that part of material wealth

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Which can be stored easily

Which can be measured by the scale of money

Which have volume and surrounds

Which is exported

In which year international monetary fund was established

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1941

1944

1945

1947

If supply increase due to increase in price, it is called

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Extension of supply

Contraction of supply

Rise of supply

Fall of supply

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

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