Question # 1

Deflation means:

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Rapid increase in price level

General decrease in price level

General increase in price level

Both a and c

Basic characteristics of good money are

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General acceptability, durability

Homogeneity,divisibility

Transferability, recognizability, convertibility

All

When marginal utility is zero, than total utility is:

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Minimum

Positive

Maximum

Zero

Under perfect competition in the long run a firm

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Always earns abnormal profit

Always earns normal profit

Usually earns abnormal profit

Usually faces loss

Utility can not be measurable who has said

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Marshall

Hicks

Pigue

Adam Smith

If income of government is more than its expenditures, then it is a

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Surplus budget

Deficit budget

Development budget

Balanced budget

Founder of new classical school of thought was

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Adam smith

Marshall

Robbins

Keynes

Price of raw material, wages of temporary labourers, transport costs etc,are called

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Fixed costs

Variable costs

Marginal cost

Total cost

The first great depression was appeared in:

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1934

1930

1932

1936

Third factor of production is called

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land

labour

capital

organization

Equilibrium means

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the condition that is not possible

an unstable condition

a condition that can change

stable position

Average cost curve is in short run

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Negative sloped

U-shaped

L-shaped

Positive sloped

One of the following is not included in the public expenditures

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Courts

Fee

Public administration

Defence

Economic problem arises because human wants

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Are unlimited

Are limited

Do not exists

None of three

When total product is maximum, marginal product

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Is positive

Is negative

Is zero

Is decreasing

Which law is applicable on production process under marginal productivity theory

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Law of increasing return

Law of constant return

Law of decreasing return

Law of decreasing cost

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

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