Question # 1

The duty of a market is not to

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make exchange of goods

contact buyers and sellers

determine price

give maximum output

Economics is a science

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Political

Spiritual

Social

Scientific

If demand and supply both fall in the same proportion

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity increases

Marginal revenue product is the amount of money attained by selling

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Average product

Marginal product

Total product

None of these

Supply curve of perishable goods is:

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Horizontal

Vertical

Infinite

All of them

All Pakistani coins are

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Token money

Standard money

Convertible money

Inconvertible money

Blessings like air, rain existing on land are included in factor of production

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Labour or human resources

Capital or monetary resources

Land or natural resources

Organisation

Which law is applicable when human and natural forces are balance ?

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Increasing cost

Constant cost

Diminishing cost

Both (a) and (c)

The money in which payment can be made only to certain extent is called

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Unlimited legal tender money

Limited legal tender money

Metallic money

Paper money

In between how many countries international trade takes place under comparative cost theory

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Two

Three

Four

Many

One of the following is not the assumption of quantity theory of money

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Velocity of circulation of legal money should not change

Velocity of Circulation of credit money should not change

Quantity of hoardings should not change

Quantity of goods and services should go on changing

If price decreases but supply remains constant, it is called:

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Fall in supply

Contraction in supply

Expansion in supply

Rise in supply

"The nature of significance economics sciences" was written in:

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1930

1936

1932

1890

Wages of temporary labourers are

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Fixed cost

Marginal cost

Total cost

Variable cost

Formula method to measure elasticity of supply is related to

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Marshall

Robbins

R.G.D Allen

Flux

If we deduct foreign income from GNP, we get:

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N.N.P

G.D.P

D.P.I

P.I

According to which economist, some factors are indivisble

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Adam Smith

Marshall

Davenport

Hobson

When demand for goods and services rises, then velocity of circulation of money

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Increases

Decreases

Remains constant

Does not change

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

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