Question # 1

According to Neo Classical economists, Economics is science of

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Scarcity of means

Material welfare

Wealth

Unlimited wants

What can a firm do in the short run

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Firm can increase its plants

Firm can expand its building

New firm can not enter the business

New firm can enter the business

One of the following is not fiscal measure to control inflation

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Decrease in public expenditures

Increase in taxes

Encouragement of savings

Increase in investment

According to quantity theory of money doubling the quantity of money, prices

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Increase

Double

Decrease

One half

When production of a firm increases then total variable costs

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Decrease

Increase

Remain constant

Do not change

Curve of law of diminishing marginal utility

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Moves from left to right downward

Moves from left to right upward

Firstly it has a tendency to rise up and after a certain limit it starts falling

It is parallel to ox-axis

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

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Stagflation

Hyper inflation

Demand pull inflation

Cost push inflation

Reward of capital is called

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Rent

Wage

Interest

Profit

How many are kinds of economics

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Two

Three

Four

Five

Transfer payments are included in the income

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National income

Gross domestic product

Personal income

Disposable personal income

"The study of nature and principles of government expenditures and revenue is called public finance"
This definition is stated by

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Bastable

Armitage Smith

Ricardo

Robbins

Laws of return are

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Two

Three

Four

Five

Second name of unitary method is

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Method of total satisfication

total expenditure method

total revenue method

Both 2nd and 3rd

If income of government is less than its expenditures, then it is a

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Surplus budget

Deficit budget

Development budget

Balanced budget

During depression, increases

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Unemployment

Employment

Profit

Production

Which one of the following was the difficulty of barter system

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Abundance of goods

Lack of double coincidence of wants

Difference of language

difference of occupations

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

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