Question # 1

"What performs the functions of money, is money"
This definition of money is stated by

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Prof Walker

Prof Marshall

Prof Crowther

Prof Pigou

Relationship between price and quantity demanded is called

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Demand schedule

Demand curve

Law of demand

Assumptions of law of demand

Individual income means

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Total of incomes received from any means by the people

Total of incomes of entrepreneurs of the country

Income of a particular person

Income of a family

Average product is maximum, when marginal product curve ______ average product curve

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Intersects falling

Intersect rising

Is above

Is below

Zakat can not be given

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to get slaves free

To the collection of zakat

For the construction of Mosque

The converts

Mental or physical work undertaken for reward by human being is called

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Land

Labour

Capital

Organization

Self owned resources are known as:

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Implicit cost

Explicit cost

Opportunity cost

Sunk cost

Relationship between price of a commodity and demand for it exists

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Positive

Inverse

Indirect

None of these

The second name of law of decreasing return is

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Law of increasing cost

Law of constant cost

Law of decreasing cost

Law of cost

Economics is a science:

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Political

Spiritual

Social

Scientific

Which one is not included in macro economics

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National income

Employment

Price

Investment

If demand for commodity X changes due to the change in price of commodity, it is called

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Cross elasticity

Price elasticity

Income elasticity

Arc elasticity

Marshall belonged to the country

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America

England

France

Japan

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

If the rate of change in price and quantity supplied is equal then:

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Es = 0

Es = 1

Es > 1

Es < 1

The interaction of multiplier and accelerator is known as:

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Innovation theory

Modern theory

Psychological theory

Over investment theory

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

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