Question # 1

When price decreases, supply:

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Contracts

Expands

Remains fixed

Becomes zero

According to quantity theory of money one halving the quantity of money prices

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Increase

Double

Decrease

One half

When there is deflation, then prices

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Increase

Decrease

Remain constant

do not change

Slope of marginal utility curve is

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Positive

Negative

Vertical

Horizontal

MPP stand is

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Marginal price product

Marginal Physical Product

Marginal Physical Price

Marginal Perfect Price

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

The second name of law of increasing return is

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Law of cost

Law of increasing cost

Law of decreasing cost

Law of constant cost

Economics is concerned with the attainment of material requisites

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Robbins

Marshall

Pareto

Senior

Which is considered as a transfer payment

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wages

salaries

prices

unemployment allowances

Net national product is found by

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Subtracting tax from gross national product

Subtracting transfer payments form gross national product

Subtracting depreciation allowance from gross national product

Subtracting subsidies from gross national product

"National income is that part of material wealth of a nation which can be measured by the scale of money" This definition of national income is stated by the economist

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Marshall

Pigou

Adam smith

Clark

In which year international monetary fund was established

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1941

1944

1945

1947

Oligopoly means:

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Single seller

Two seller

Multiple sellers

Multiple buyers

In the long run monopolist earns profit:

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Normal

Abnormal

Super normal

Both b and c

Which one of the following is not called Gross national product

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Economic national product

Joint national product

Composite national product

All the three

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

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

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