Question # 1

Increasing function of price is

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Demand

Supply

Utility

Cosnsumption

The second name of law of constant return is

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Law of decreasing cost

Law of increasing cost

Law of cost

Law of constant cost

The production sector where human brain and intelligence plays more role there is applicable

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Law of increasing return

Law of constant return

Law of decreasing return

Law of increasing cost

Economics is concerned with the attainment of material requisites

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Robbins

Marshall

Pareto

Senior

If there is big change in Price and demand, it is called

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Arc elasticity

Point elasticity

Income elasticity

Cross elasticity

What remains after the deduction of direct tax from the personal income

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NNP

NNI

DPI

GNP

In private finance the individuals estimate their income and expenditures

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Daily

Weekly

Monthly

Yearly

Supply of perishable goods is

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More elastic

less elastic

Perfectly inelastic

infinite elasticity of supply

Note of 500 rupees is

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token money

credit money

convertible paper money

inconvertible paper money

Demand for luxuries goods is:

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Perfectly elastic

Less elastic

Perfectly inelastic

More elastic

When average cost is minimum, marginal cost is - - - - - - - - average cost

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Less than

More than

Equal to

None of three

Curve of law of diminishing marginal utility

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Moves from left to right downward

Moves from left to right upward

Firstly it has a tendency to rise up and after a certain limit it starts falling

It is parallel to ox-axis

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

Demand for Giffen goods is:

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Negative

Vertical

Positive

All of them

If the equation is this, MC=MR=AR(P)<AC then the firm

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Earns normal profit

Earns abnormal profit

Bears loss

Bears abnormal loss

A firm gains abnormal profit, when:

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TR = TC

TR > TC

TR < TC

MC = MR

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

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