Question # 1

When marginal product is zero, total product is

Choose an answer

Maximum

Minimum

Negative

Zero

Which one is comparatively the most important factor ?

Choose an answer

Land

Labour

Capital

Organization

The demand curve for monopolist is also called

Choose an answer

Total revenue

Average revenue

Marginal revenue

Zero revenue

If an entrepreneur does service, in economics it is called

Choose an answer

Organization

Discipline

Labour

Wage

In which phase of a trade cycle level of employment and income become very low

Choose an answer

Depression

Recovery

Boom

Recession

Quantity theory of money was introduced by:

Choose an answer

Fisher

Marshall

Crowther

J.S Mill

Who said that economics is science of unlimited wants and limited means

Choose an answer

Adam Smith

Marshall

Pigou

Robbins

The cause of shifting of supply curve is

Choose an answer

Change in price

Other factors

change in serving

change in demand

Organization means an individual or institution which with optimum factor combination

Choose an answer

Lays foundation of business always earning profit

Lays foundation of business but does not accept the responsibility of profit and loss

Lays foundation of business but accepts the responsibility of profit and loss

Serves as a manger in the business and receives remuneration

Dividing total costs by the units of output is attained

Choose an answer

Average fixed cost

Average cost

Average variable cost

Marginal cost

According to which economist, duration of a trade cycle is 9 to 10 years

Choose an answer

Prof Kitchen

Prof Jugglar

Prof Pigou

Prof Kondratieff

Which law provides the base of law of demand

Choose an answer

Law of supply

Law of diminishing marginal utility

Law of equi marginal utility

Law of decreasing return

Who did write the book named "Nature and importance of economics"

Choose an answer

Adam smith

Marshall

Robbins

Keynes

Law of decreasing return is immediately applied on

Choose an answer

Agriculture

Trade

Industry

Construction

If demand decreases by 15% due to 10% increase in Price, then elasticity of demand is

Choose an answer

Equal to unity

More than unity

Less than unity

Zero

When production of a firm increases then total variable costs

Choose an answer

Decrease

Increase

Remain constant

Do not change

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer