Question # 1

Who did give economics the status of positive science

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Marshall

Robbins

Cannon

Pareto

Which laws are framed by parliament

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State laws

Moral laws

Economic laws

Scientific laws

Which factor combines other three factors ?

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Land

Labour

Capital

Organization

The term "Price Taker" is used in:

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Perfect competition

Oliogopoly

Monopoly

Monopsony

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

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Increases

Decreases

Remains constant

None of these

The percentage part of the agricultural produce is payable as Zakat which is irrigated by artificial sources

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5%

10%

15%

20%

Due to rise in demand, demand curve shifts to

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Right

Left

Both sides

None of these

Who said that economics is science of wealth

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Adam smith

Robbins

Marshall

Pigou

Kinds of supply according to period of time are

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Two

Three

Four

Five

The exchange of goods and services from country to country is called

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Foreign

National trade

Corporate trade

Domestic trade

Monetary theory of Trade cycle is presented by

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Prof Hawtrey and Friedman

Prof Keynes

Prof Hobson

Prof Kitchen

Relationship of level of prices and quantity of money

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Positive

Negative

Indirect

2nd and 3rd both

Demand for Giffen goods is:

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Negative

Vertical

Positive

All of them

Unitary method is also known as:

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Total revenue

Total satisfaction

Total utility

Total expenditure

The relationship between price and quantity supplied is:

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Inverse

Positive

Infinite

Zero

Income received without any economic services:

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National Income

Transfer payments

Interest

Profit

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

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