Question # 1

A firm gains abnormal profit, when:

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TR = TC

TR > TC

TR < TC

MC = MR

River, sea, forests, rain are called

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Land

Labour

Capital

Organization

When marginal utility is negative, total utility:

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Decreases

Increases

Does not change

Negative

Net National product is equal to

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GNP + Depreciation expenditure

GDP + Depreciation expenditure

GNP - Depreciation expenditure

GDP - Depreciation expenditure

When total revenue is maximum, marginal revenue is

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Less

Constant

Zero

If there is big change in Price and demand, it is called

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Arc elasticity

Point elasticity

Income elasticity

Cross elasticity

How many conditions of firm's equilibrium are there ?

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One

Two

Three

Four

When after the observation and analysis of the conditions, they are stated as they are, is called

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Normative science

Positive science

Vegetation science

Science of Prediction

Capital goods are those which can satisfy human wants:

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Directly

Indirectly

Proportionate

None of these

Economics is basically divided into two parts

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Micro and macro economics

Micro and applied economics

Theoretical and applied economics

Welfare and applied economics

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

Modern theory of trade cycles is presented by

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Prof Schumpeter

Prof Keynes

Prof Hawtrey

Prof Hicks and Samuelson

Supply curve shifts due to better technique of production

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Rightward

Leftward

Does not change

Vertical

Who does determine the reserve price

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Buyer

Seller

Government

District adminitration

Which economist said that abundance of definitions has pressed the neck of economics

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Adam Smith

Robbins

Keynes

Pigou

When demand curve shifts rightward (or upward), it is called

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Rise of demand

Fall of demand

Extension of demand

Contraction of demand

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

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