Question # 1

If the rate of change in price and quantity demand is in equal ratio, then Elasticity of demand is:

Choose an answer

Equal to zero

Equal to one

Smaller than one

Greater than one

One of the following is not the cause of inflation

Choose an answer

Increase in quantity of money

Increase in demand for goods

Increase in supply of goods

Increase in cost of production

Relationship between price of a commodity and demand for it exists

Choose an answer

Positive

Inverse

Indirect

None of these

" International balance of payment is all that transaction for which either foreign exchange is spent or received." This definition is stated by

Choose an answer

Prof. Marshal

Prof.Samuelson

Prof. Ricardo

Prof. Hicks

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

Choose an answer

Adam smith

Marshall

Robbins

Canon

One of the following is not disadvantage of international trade

Choose an answer

Dependence on production of limited goods

Supply of goods injurious to health

Bitter pill for political freedom

Development of civilization & culture

Production which is produced with a particular combination of factors of production, is called

Choose an answer

Total product

Average product

Marginal product

Positive product

Market equilibrium is attained when there exists in the market

Choose an answer

Perfect competition

Imperfect competition

Monopoly

Large quantity of commodity comes in the market

Direct taxes are not included in:

Choose an answer

Personal income

G.N.P

G.D.P

Disposable personal income

When there is inflation attached with high unemployment level, it is called ?

Choose an answer

Stagflation

Hyper inflation

Demand pull inflation

Cost push inflation

The expected rate of profit from a business is known as:

Choose an answer

Multiplier

Accelerator

Marginal efficiency of capital

Both a and b

Quantity theory of money was introduced in an equation by:

Choose an answer

Fisher

Marshall

Crowther

Tausigg

"General theory of employment, interest and money" was written by:

Choose an answer

Robbins

Pigou

Keynes

Canon

One of the following is not the difficulty of the barter system

Choose an answer

Indivisibility of goods

Lack of common measure of value

Double coincidence of wants

Lack of store of value

Marginal productivity theory was presented by:

Choose an answer

Pigou and Cannon

Adam Smith and F.A. Walker

Keynes and Semeulson

Marshall and J.B. Clark

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