Question # 1

Dividing total variable costs by the units of output, is attained

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Average fixed cost

Average variable cost

Average cost

Marginal cost

To derive economic laws inductive method was adopted by

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Classical school of thought

Neo classical school of thought

Historical school of thought

Modern school of thought

Who said that you can not become good citizen if you have no economist with you

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Marshall

Pigou

Keynes

Voton

Concept of equilibrium level of national income in comprehensive way was presented by

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Professor keynes

Professor Marshall

Professor hicks

Professor Lipsay

The ratio of change in investment to change in income is known as:

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Multiplier

Accelerator

MEC

Both a and b

"General theory of employment, interest and money" was written in:

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1930

1936

1932

1890

According to which economist, some factors are indivisble

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Adam Smith

Marshall

Davenport

Hobson

Demand for the commodities having different uses

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Less elastic

More elastic

Perfectly inelastic

Infinitely elastic

Vertical supply curve means

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Same quantity supplied at differented price

Different quantities supplied at one price

Different quantities supplied at different prices

None of three

Free gift of nature is

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Land

Labour

Capital

Organization

The exchange of goods and services from country to country is called

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Foreign

National trade

Corporate trade

Domestic trade

Propounder of economics was

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Robbins

Marshall

Adam smith

Keynes

In modern term, factors of production are called

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Inputs

Productive services

Inputs and productive services

Production of goods and services

There exists a relationship between inflation and deflation

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Increasing

Inverse

Indirect

None of three

Production of the last unit of a factor of production is called

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Total product

Average product

Marginal product

Positive product

Which thing should be added in net national product to get gross national product

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Direct taxes

Indirect taxes

Depreciation allowance

Subsidies

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

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