Question # 1

Stock means the quantity:

Choose an answer

Sold in market

Which is offered for sale

Which exist in warehouse

Of total production

Marginal utility curve moves

Choose an answer

From left to right downward

From left to right upward

Parallel to ox axis

Parallel to oy axis

Under perfect competition in the long run a firm

Choose an answer

Always earns abnormal profit

Always earns normal profit

Usually earns abnormal profit

Usually faces loss

One of the following precautions is not included in measurement of national income by product method

Choose an answer

To subtract depreciation allowance

To subtract indirect taxes

Not to include transfer payments

To include subsidies

Who is called founder of modern school of thought

Choose an answer

Robbins

Cannon

Keynes

Malthus

Market equilibrium is attained when there exists in the market

Choose an answer

Perfect competition

Imperfect competition

Monopoly

Large quantity of commodity comes in the market

Human wants are:

Choose an answer

Limited

Unlimited

Re-appear

Both (b) and (c)

Number of factors of production is

Choose an answer

One

Two

Three

Four

Under perfect competition, marginal revenue and average revenue curves

Choose an answer

Moves from left to right upward

Moves from left to right downward

Remain parallel to x-axis

Remain parallel to y-axis

In monopoly, when total revenue of a firm is maximum, then its marginal revenue is

Choose an answer

Maximum

Minimum

Zero

Negative

The supply curve of Fish is

Choose an answer

More elastic

Less elastic

Inelastic

Infinite elastic

Who did present formula to measure Arc elasticity of demand

Choose an answer

Adam Smith

Marshall

Allen

Keynes

Other name of law of equi marginal utility is

Choose an answer

Law of diminishing marginal utility

Law of demand

Law of constant return

Law of indifference

In the long run firms mostly earn normal profit in:

Choose an answer

Perfect competition

Oliogopoly

Monopoly

Duopoly

Economic law are made by:

Choose an answer

Govt.

Courts

Parliament

Behaviour of the people

Inductive method of deriving economic laws

Choose an answer

We move from general conditions to particulars conditions

We move from particular conditions to general conditions

Facts are stated in simple and easy way

Stated in general way

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer