Question # 1

Micro economics related to

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International trade

Behavior of firm

National income

Personal income

If demand does not change, despite a fall in price, is called

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Fall of demand

Rise of demand

Contraction of demand

Extension of demand

In case of perfectly elastic supply or infinite elasticity of supply, supply curve is

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Horizontal (parallel to x-axis)

Vertical (parallel to y-axis)

Positive sloped

Negative sloped

Quantity theory of money was criticised by

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Prof. Keynes

Prof Marshall

Prof Pigou

i and ii both

Which economist did present, cardinal theory of utility

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Marshall

Karoos

Cannon

J.B. Say

Supply curve shifts due to better technique of production

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Rightward

Leftward

Does not change

Vertical

Elasticity of demand for the commodities which have substitutes, is

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More elastic

Less elastic

Infinite

Zero

Word of economics has been derived from "Oikonomos" which is word of the language

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French

Latin

Russian

None of them

When average product decreases, marginal product

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Increases

Is zero

Is equal to average product

Is less than average product

In perfect competition number of firms is

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One

Two

A few

Large

The quantity of commodity which exists in warehouse (stock) of the seller is called

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Supply

Demand

Stock

All of these

The innovation theory of trade cycles was presented by

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Hayek

Hawtray

Schumpeter

Pigou

Over investment theory is presented by

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Pigou

Hawtray

Hayek, Mises and Cassel

Prof Jugglar

Equilibrium price is determined in.

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Perfect market

Imperfect market

Monopoly

None of these

Who did write the book named "An enquiry into the nature and causes of the wealth of nations"

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Adam smith

Marshall

Robbins

Canon

The trade that takes place between the inhabitants of two countries is called

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Domestic trade

International trade

National trade

Regional Trade

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

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