Question # 1

Finance minister imposes tax on the goods having more elastic demand

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At low rate

At high rate

At the same rate

At zero rate

State laws are of

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Regional nature

Country nature

International nature

Non of three

Which factor combines other three factors ?

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Land

Labour

Capital

Organization

Market equilibrium take place where:

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D = S

D > S

D < S

Both (b) and (c)

Modern theory trade cycle was presented by:

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Hawtrey

Habson Foster

Jevons

J.R Hicks

One of the following is not included in the characteristics of land

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Land is a gift of nature

All the pieces of land are not equal infertility

Productive capacity of land is limited

Supply of land is unlimited

When total product is maximum, marginal product

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Is positive

Is negative

Is zero

Is decreasing

Rent of the building, interest of the capital and salaries of the permanent staff etc are called

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Fixed costs

Variable

Marginal cost

Average cost

Who did write the book named "General theory of employment, interest and money"

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Marshall

Pigou

Adam Smith

Keynes

Organization means an individual or institution which with optimum factor combination

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Lays foundation of business always earning profit

Lays foundation of business but does not accept the responsibility of profit and loss

Lays foundation of business but accepts the responsibility of profit and loss

Serves as a manger in the business and receives remuneration

By increasing the cost of production, the supply

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Extends

contracts

Falls

Rises

When average product is maximum, marginal product is

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Equal to average product

More than average product

Less than average product

Zero

When demand and supply rise in equal propoertion, the equilibrium price will:

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Fall

Rise

Constant

None of those

During depression, a government prepares budget which is

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Balanced

Surplus

Deficit

Unbalanced

Money which can be converted into cash money is known is:

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Near money

Paper money

Legal tender money

Token money

Marginal utility always:

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Decreases

Increases

Zero

Negative

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

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