Question # 1

The equilibrium of the market is that demand and supply to each other are

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opposite

positive

equal

negative

Difficulties in barter system:

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Lack of double coincidence of wants

Lack of storing value

Lack of common measure of value

All of these

Which one of the following is direct tax

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Sales tax

Import duty

Export duty

Income tax

When demand and supply rise in equal propoertion, the equilibrium price will:

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Fall

Rise

Constant

None of those

One of the following is not fiscal measure to control inflation

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Decrease in public expenditures

Increase in taxes

Encouragement of savings

Increase in investment

Supply curve shifts due to better technique of production

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Rightward

Leftward

Does not change

Vertical

Disadvantages of paper money are

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Unstable value

Possibility of inflation

Possibility of wastage

All the three

To describe as it is, after seeing and analyzing any event, is known as

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Normative science

Positive science

Biological science

For casting science

Fixed cost consists of:

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Rent

Salaries

Interest

All of them

Self owned resources are known as:

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Implicit cost

Explicit cost

Opportunity cost

Sunk cost

After subtracting depreciation allowance from gross national product is known

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National income

Net national product

Personal income

Gross domestic product

Demand for factors of production is

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Direct

Derived

Positive

Negative

The base of international trade theory of Devid Ricardo is

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Absolute advantage

Comparative cost

Cheaper cost

Low cost

When average cost falls, marginal cost is - - - - - - average cost

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Less than

More than

Equal to

None of three

Supply curve slope is:

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Positive

Vertical

Negative

Horizontal

When supply increases due to rise price, it is called:

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Fall in supply

Contraction in supply

Expansion in supply

Rise in supply

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

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