Question # 1

During boom, a government prepares budget which is

Choose an answer

Balanced

Surplus

Deficit

Unbalanced

Under increasing return, the slope of marginal product curve is

Choose an answer

Positive

Negative

Infinite

Zero

During the phase of boom level of income and employment is

Choose an answer

Increasing

Decreasing

Highest

Lowest

When total product is maximum, marginal product

Choose an answer

Is positive

Is negative

Is zero

Is decreasing

According to law of diminishing marginal utility, Utility of every new (Additional) unit of commodity

Choose an answer

Increases

Decreases

Remains constant

None of these

Money which can be converted into cash money is known is:

Choose an answer

Near money

Paper money

Legal tender money

Token money

Cause of movement along the supply curve is

Choose an answer

Change in price

Other factors

Change in tax

Change in income

One of the following is not included in implicit cost

Choose an answer

Interest of entrepreneur's own capital

Rent of building

Reward of entrepreneur's own labour

Reward of entrepreneur's own land

Price of perishable goods is determined

Choose an answer

In the market period

In the short period

In the middle period

In the long period

Stock means the quantity of a commodity

Choose an answer

Which is offered for sale in the market

Which is sold in the market

Total production is called stock

Which the seller keeps in his possession without selling

The most appropriate definition of money was given by:

Choose an answer

F.A.Walker

Keynes

Pigou

Crowther

If the income of the government is less than its expenditures, such budget is called

Choose an answer

Surplus budget

Deficit budget

Balanced budget

Capital budget

Factors of production are more mobile

Choose an answer

In international trade

In the country

In both

In none

Demand curve of a monopolist has the shape

Choose an answer

Falls from left to right

Rises from left to right

Remains below MR curve

Remains parallel to ox-axis

Which laws are definite and universal

Choose an answer

Economic laws

Moral laws

State laws

Scientific laws

To derive economic laws inductive method was adopted by

Choose an answer

Classical school of thought

Neo classical school of thought

Historical school of thought

Modern school of thought

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