Question # 1

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

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Near money

Paper money

Legal tender money

Token money

Note of 500 rupees is

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token money

credit money

convertible paper money

inconvertible paper money

According to which economist, it is difficult to find marginal product of a factor of production

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Marshall and pigou

Adam Smith and Malthus

Keynes

Taussing and Davenport

Deductive method of economic study.

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Systematic

General to particular

Universal to particular

Both (b) and (c)

Supply of perishable goods is

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More elastic

less elastic

Perfectly inelastic

infinite elasticity of supply

If supply of a commodity changes by 10% due to 10% change in its price, then elasticity of supply will be

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Equal to unity

More than unity

Less than unity

Zero

If demand and supply both rise in the same proportion, then

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Equilibrium price decreases

Equilibrium price does not change

Equilibrium price increases

Equilibrium quantity decreases

Slope of demand curve of exceptions of law of demand is

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Negative

Positive

Zero

Fixed

A firm suffers abnormal losse, when:

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AC = AR

AVC = AR

AVC < AR

AVC > AR

Individuals of a country produce a certain quantity of goods and services using the resources of the country with the help of their capital, it is called national income this definition is presented by

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Professor Marshall

Professor Paul A Samuelson

Professor Fisher

Professor Pigou

Who said that economics is neutural science ?

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Pigou

Keynes

Robbins

Marshall

Utility can not be measurable who has said

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Marshall

Hicks

Pigue

Adam Smith

Relationship between price of a commodity and demand for it exists

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Positive

Inverse

Indirect

None of these

Marginal utility always:

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Decreases

Increases

Zero

Negative

When there are small and minor changes in price and demand then

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Price elasticity

Income elasticity

Cross elasticity

Point elasticity

Which one is not included in macro economics

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National income

Employment

Price

Investment

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

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