Question # 1

In economics, every mental or physical struggle undertaken for reward, is called

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Land

Labour

Capital

Organization

When demand for a commodity changes due to the change in price of some other commodity, it is called

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Point elasticity

Arc elasticity

income elasticity

cross elasticity

Who did separate economics from political science for the first time

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Marshall

Malthus

Adam smith

Ricardo

If supply does not change, then due to fall of demand

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Equilibrium price decreases

Equilibrium price increases

Equilibrium price does not change

Equilibrium quantity increases

Under Monopoly, a firm is in equilibrium position when Ed is:

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Equal to unity

Less than unity

Grater than unity

Both b and c

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

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

The systematic record of visible and invisible exports and imports of a country in one year is called

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Balance of trade

Balance of payment

External balance

Internal balance

In which kind of economics, aggregate behaviors of the economy are reviewed

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Theoretical

Applied

Micro

Macro

If a person does not pay the amount of the tax from his own pocked on whom it is levied rather shifts its barden on some other person, then it is called

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Direct tax

Indirect tax

Proportional tax

Progressive tax

Total utility decreases when marginal utility is

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Positive

Negative

Zero

Maximum

Initial utility is ______ individual utilities of all the units

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More than

Less than

Equal to

None of these

The factor which is needed to produce goods by the combination of land, labour and capital is called

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Land

Labour

Capital

Organization

Phases of a trade cycle are

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Two

Three

Four

Five

Who said that economics has the place of intellectual religion

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Cannon

Pigou

Durban

Robbins

Quantity theory of money failed during world economic depression

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In 1920

In 1925

In 1929

In 1935

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

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