Question # 1

Under monopoly average revenue curve remains the marginal revenue curve

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Below

Above

Parallel

None of these

Which side of life of human being is analysed in economics

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Political

Social

Economic

Moral

The first great depression was appeared in:

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1934

1930

1932

1936

Change in total production is called

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Marginal production

Zero production

Total production

Average production

Private owners of minerals are bound to pay --------- Zakat of their production

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10%

15%

20%

25%

The cause of extension and contraction of demand is

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Income

Price

Population

Technology

Desire + Purchasing power is equal to:

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Demand

Supply

Income

Utility

Absolute advantage theory was presented by

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Adam Smith

Prof Walker

Ricardo

Marshall

Expenditures of repair of machines are called

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Unproductive expenditures

Productive expenditures

Rewards

Depreciation allowance

Innovation theory is presented by

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Prof Kegnes

Prof Schumpeter

Prof Hicks

Prof Foster

In the long run monopolist earns profit:

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Normal

Abnormal

Super normal

Both b and c

One of the following is not included in the methods of removing deficit in balance of payments of a country

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Increase in exports

Increase in imports

Devaluation of currency

Decrease in the quantity of money

Equilibrium means

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the condition that is not possible

an unstable condition

a condition that can change

stable position

If the equation is this, MC=MR=AR(P)<AC then the firm

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Earns normal profit

Earns abnormal profit

Bears loss

Bears abnormal loss

When total product decreases, marginal product

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Is positive

Is negative

Is zero

Is increasing

Degree of change in quantity supplied due to change in price is called

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Extension of supply

Rise of supply

Elasticity of supply

None of three

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

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