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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
One of the following is not included in explicit cost
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Wages of labourers
Reward of entrepreneur's personal labour
Price of raw material
Interest of capital
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Question # 2
The factor which is needed to produce goods by the combination of land, labour and capital is called
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Land
Labour
Capital
Organization
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Question # 3
Kinds of public expenditures are
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Two
Three
Four
Five
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Question # 4
Change in total production is called
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Marginal production
Zero production
Total production
Average production
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Question # 5
Supply curve of perishable goods is:
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Horizontal
Vertical
Infinite
All of them
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Question # 6
When demand increases due to change in other factors it is known as:
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Contraction in demand
Expansion and contraction in demand
Expansion in demand
Rise in demand
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Question # 7
If total expenditure of the consumer increases due to decrease in price, then nature of elasticity of demand will be
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Equal to unity
Less than unity
More than unity
Elasticity of demand = zero
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Question # 8
Who is the Founder of macro economics ?
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Marshall
Malthus
Adam smith
Keynes
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Question # 9
The income which a person can use according to his will is called
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Personal income
Disposable personal income
Net income
Per capita income
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Question # 10
Phases of a trade cycle are
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Two
Three
Four
Five
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Question # 11
At least one factor is fixed in:
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Market period
Long period
Short period
All of three
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Question # 12
The purchasing power of money is called
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value of money
Medium of exhange
quantity of money
credit money
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Question # 13
Price determined with the equilibrium of demand and supply on some day
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Short period price
Long period price
Market price
Normal price
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Question # 14
Unitary method is also known as:
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Total revenue
Total satisfaction
Total utility
Total expenditure
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Question # 15
Which one of the following public expenditures is related to transport
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Police
Defence
Railway
Public education
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Question # 16
When total revenue is maximum, marginal revenue is
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More
Less
Constant
Zero
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