Question # 1

Which economist introduced economics as a science for the first time

Choose an answer

Adam Smith

Robbins

Marshall

Pigou

National Income is also known as:

Choose an answer

National product

Total expenditure

Total population

Both a and b

Quantity of a commodity which the consumers are ready to purchase at a particular price, is called

Choose an answer

Demand

Supply

Stock

Demand and supply

Immortal factor production is

Choose an answer

Land

Labour

Capital

Organization

Amount of money attained by selling marginal product is called

Choose an answer

Average revenue product

Marginal revenue product

Total revenue product

None of three

In comparative cost or comparative advantage theory, ratio is

Choose an answer

1x1 one good one country

2x2 two goods two countries

1x2 one good two countries

2x1 two goods one country

Shape of market supply curve is

Choose an answer

Horizontal or parallel to ox curve

Vertical or parallel to oy curve

Positively sloping

Negatively sloping

Who is father of economics

Choose an answer

Marshall

Malthus

Adam smith

Cannon

The money whose face value and intrinsic value are different

Choose an answer

Token money

Standard money

Legal money

Near money

Inductive method of deriving economic laws

Choose an answer

We move from general conditions to particulars conditions

We move from particular conditions to general conditions

Facts are stated in simple and easy way

Stated in general way

Price is determined under perfect competition

Choose an answer

By sellers

By buyers

By government

By forces of demand and supply

Advantages of international trade are

Choose an answer

One

Two

Three

Many

MC cuts AC at:

Choose an answer

Maximum point

Minimum point

Increasing point

Decreasing point

One of the following is not included in the characteristics of land

Choose an answer

Land is a gift of nature

All the pieces of land are not equal infertility

Productive capacity of land is limited

Supply of land is unlimited

The non-material activities which have the ability to satisfy human wants indirectly, are called

Choose an answer

Goods

Services

Satisfaction

None of the three

When supply changes due to other factors besides price, it is called

Choose an answer

Rise of supply

Fall of supply

Rise and fall of supply

Extension and contraction of supply

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