Question # 1

In case of international trade, trade restrictions are usually

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Limited

More

Too much

None of three

How many kinds are of positive economics

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Two

Three

Four

Five

Relationship between price and quantity demanded is called

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Demand schedule

Demand curve

Law of demand

Assumptions of law of demand

Demand for necessities of life is

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Les elastic

More elastic

Perfectly elastic

Perfectly inelastic

Slope of demand curve is

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Negative

Positive

zero

fixed

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

If elasticity of supply is less than unity then extending supply curve downward, it passes through or crosses

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y-axis

x-axis

Point of origin

Becomes vertical

Utility of the last unit of a commodity consumed is called

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Positive utility

Negative utility

Total utility

Marginal utility

In order to improve the balance of payment the foremost try is to increase

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Imports

Exports

Production

Savings

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

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Robbins

Pigou

Keynes

Canon

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

How many kinds of costs are in the short period

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Two

Three

Four

Five

In which year the book named "Principles of Economics" was written

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1805

1890

1903

1915

Which factor combines other three factors ?

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Land

Labour

Capital

Organization

Deductive method of economic study.

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Systematic

General to particular

Universal to particular

Both (b) and (c)

Utility attained by the consumption of first unit of a commodity is called

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Positive utility

Negative utility

Initial utility

Zero utility

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

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