Question # 1

The production sector where human brain and intelligence plays more role there is applicable

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Law of increasing return

Law of constant return

Law of decreasing return

Law of increasing cost

Who did write the book named "General theory of employment, interest and money

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Robbins

Pigou

Keynes

Cannon

Innovation theory is presented by

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Prof Kegnes

Prof Schumpeter

Prof Hicks

Prof Foster

Subsidies means:

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Relief price to consumers

Relief in price to Producers

Surplus budget

Both a and b

Theory of innovations was presented by:

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Joseph Schumpeter

Habson Foster

Jevons

J.R Hicks

Due to fall in demand, curve shifts to

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Right

Left

Both sides

None of these

The money which is not in the form of net cash and is not used at once for business dealing is called

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Near money

Legal Tender money

Credit money

Paper money

One rupee note in paper money is

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Inconvertible paper money

Convertible paper money

Limited legal tender money

Unlimited legal tender money

A firm earns normal profit

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When price of the commodity is equal to average cost

When price of the commodity is more than average cost

When price of the commodity is less than average cost

When total revenue is more than total costs

Ceteris paribus means:

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Other things remain the same

Assumptions of the law

Conditions of the law

All of them

Demand for Giffen goods is:

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Negative

Vertical

Positive

All of them

If the face value of a coin is equal to the value of metal used in:

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Legal money

Token money

Standard money

Both b and c

Tendency of demand curve of a factor of production is

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Positive

Negative

Zero

Horizontal

If supply of a commodity is fixed, it is called

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Market supply

Short period supply

Long period supply

Middle period supply

The demand curve slopes

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upwards

Horizontal

vertical

downward to the right

Marginal utility at the point of satiety is

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Zero

Positive

Negative

Initial

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

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