Question # 1

The best definition of money is stated by

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Marhsall

Crowther

Keynes

Walker

When there are small and minor changes in price and demand then

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Price elasticity

Income elasticity

Cross elasticity

Point elasticity

According to quantity theory of money, if quantity of money is doubled then prices are doubled while value of money is

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Doubled

One halved

Less than one halved

Not influenced

According to which theory every factor of production gets the reward of its services equal to its marginal product

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Demand and supply theory

Liquidity preference theory

Marginal productivity theory

Uncertainty theory

Relationship between price of a commodity and demand for it exists

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Positive

Inverse

Indirect

None of these

To describe as it is, after seeing and analyzing any event, is known as

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Normative science

Positive science

Biological science

For casting science

In private finance the individuals estimate their income and expenditures

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Daily

Weekly

Monthly

Yearly

The decreasing part of TU curve shows:

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MU is zero

MU is negative

MU is increasing

MU is decreasing

According to Robbins, the basic concept of Economics is

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Political problem

Economic problem

Psychological problem

Religious problem

If an entrepreneur does service, in economics it is called

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Organization

Discipline

Labour

Wage

If supply increase due to increase in price, it is called

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Extension of supply

Contraction of supply

Rise of supply

Fall of supply

What can a firm do in the short run

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Firm can increase its plants

Firm can expand its building

New firm can not enter the business

New firm can enter the business

Price of perishable goods is determined in:

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Very short period

Very long period

Day to Day

Both (a) and (c)

Recent international depression was appeared in:

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1936

1990

2005

2008

Applied on agriculture immediately

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Law of increasing return

Law of substitution

Law of decreasing return

Law of decreasing cost

The main source of the public revenue is

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Fee

Tax

Fines

Gifts and aid

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

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