Question # 1

According to which theory every factor of production gets the reward of its services equal to its marginal product

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Demand and supply theory

Liquidity preference theory

Marginal productivity theory

Uncertainty theory

Transfer payments are included in

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Gross domestic income

National income

Disposable personal income

Personal income

A good thing in private finance

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Expenditures are equal to income

Expenditure are more than income

Income is more than expenditures

a and b both

According to the law of supply, there is relation in price and supply

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Inverse

Increasing

Negative

indirect

The main cause of using the Cheque as money is

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They are proved as receipt

Most of the people accept them

Protection of money

Easy in transportation

Cannot be separated from labourer

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Land

Labour

Capital

Organization

Who did name economics as science of satisfying unlimited wants with limited means

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Marshal

Adam Smith

Robbins

Pigou

Who did criticise the definition of Robbins

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Marshall

J.B. Clark

Beveridge

Pigou

Firms equilibrium is at that point where

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MC=AR

MC=MR

MC=AVC

MC=AC

The trade that takes place between the inhabitants of two countries is called

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Domestic trade

International trade

National trade

Regional Trade

In case of horizontal supply curve, Es is:

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Mero than unity

Less than unity

Zero

Infinite

In a production process, when units of variable factors along with fixed factor of production are increased, marginal cost goes on rising, this tendency in economics is called

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Law of decreasing cost

Law of constant cost

Law of increasing cost

Law of increasing return

Perfectly inelastic supply curve is:

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Vertical

Rise upward

Horizontal

Fall downward

Laws cannot be predicted

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Scientific laws

Moral laws

Economic laws

Natural laws

If income of the government is more than its expenditures, such budget is called

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Surplus budget

Deficit budget

Balanced budget

Capital budget

If the demand for a commodity is less elastic, then an entrepreneur in order to increase his profit

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Will increase its price

Will decrease its price

Will not change its price

None of these

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

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