Question # 1

If the total expenditure of the consumer decreases due to decrease in price, then nature of elasticity of demand will be

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Equal to unity

Less than unity

More than unity

Elasticity of demand = zero

In a production process, when units of variable factors along with fixed factor of production are increased marginal cost goes on falling, this tendency in economics is called

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Law of decreasing cost

Law of increasing cost

Law of constant cost

Law of decreasing return

One of the following is not included in the methods of removing deficit in balance of payments of a country

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Increase in exports

Increase in imports

Devaluation of currency

Decrease in the quantity of money

During inflation increase

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Exports

Savings

Consumption

Inequality of income

After subtracting depreciation allowance from gross national product is known

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National income

Net national product

Personal income

Gross domestic product

The science in which conditions and incidents are checked from a particular point of view, is called

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Positive science

Normative science

Social science

All of three

Mental or physical work undertaken for reward by human being is called

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Land

Labour

Capital

Organization

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

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

On which of the following law of diminishing marginal utility is applicable

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Money and wealth

Historical articles

Normal goods of need

Narcotics

During depression, a government prepares budget which is

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Balanced

Surplus

Deficit

Unbalanced

If the percentage change in supply is more than the percentage change in price, then elasticity of supply is called

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Equal to unity

Less than unity

More than unity

Infinite

Exact perdition not possible in:

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Economic laws

Science laws

Moral laws

Social law

Laws which reflect religion of society

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Economic laws

State laws

Scientific laws

Moral laws

Which book is named "Bible of Capitalism"

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Wealth of nations

Das capital

Principles of economics

General theory of employment, interest and money

One is not included in measuring National income

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Wage of labour

services of house lady

Agricultural production

Industrial production

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

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