Question # 1

Reward of Land is called.

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Rent

Wage

Interest

Profit

The goods which are jointly demanded are called:

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Substitute goods

Complimentary goods

Alternative goods

None of these

Who said that economics is positive science

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Adam Smith

Marshall

Robbins

Keynes

Under certain conditions, slope of demand curve is

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Negative

Positive

Zero

Fixed

At shut down position:

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AC = AR

AVC = AR

AVC < AR

AVC > AR

Points of Robbins definition are

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Two points

Four points

Economic points

Practical points

Tendency of average revenue curve under monopoly is alwaus

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Falls down

Parallel to x-axis

Rises up

Parallel to y-axis

Which one is not included in macro economics

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National income

Employment

Price

Investment

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

MC cuts AC at:

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Maximum point

Minimum point

Increasing point

Decreasing point

Which one of the following is not included in the assumptions of law of supply

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taste of consumer

cost of production

Methods of production

price of raw material

Cannot be separated from labourer

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Land

Labour

Capital

Organization

When a firm earns abnormal profit in the short run, then its

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MC=MR=AR=AC all are equal

MC=MR=AR while AC is less

MC=MR=AR while AC is more

MC=MR=AR while AV is sometimes equal to them and sometimes less than tham

In production process when marginal product increases with the increase in units of variable factors along with fixed factor, this tendency in economics is called

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Law of production

Law of increasing return

Law of decreasing return

Law of constant return

One of the following is not the difficulty of the barter system

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Indivisibility of goods

Lack of common measure of value

Double coincidence of wants

Lack of store of value

The price of non-economic want is always:

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Very high

Very Low

Negative

Zero

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

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