Question # 1

According to comparative cost theory conditions ------------- in goods and labour market exist

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of monopoly

of duopoly

Monopolistic competition

of perfect competition

Number of firms under monopoly is

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One

Two

Three

Four

Stock means the quantity:

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Sold in market

Which is offered for sale

Which exist in warehouse

Of total production

If demand decreases by 5% due to 10% increase in Price, then elasticity of demand is

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Equal to unity

More than unity

Less than unity

Zero

Innovation theory is presented by

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Prof Kegnes

Prof Schumpeter

Prof Hicks

Prof Foster

Cause of positive slope of supply curve

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Change in cost of production

Fear of increase in cost of production and decrease in profit

Change in technique of production

Increase in per unit profit due to increase in price

Reward of Land is called.

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Rent

Wage

Interest

Profit

In which year the book named "Principles of Economics" was written

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1805

1890

1903

1915

Marginal revenue product is the amount of money attained by selling:

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Average product

Marginal product

Total product

Total cost

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

Micro economics related to

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International trade

Behavior of firm

National income

Personal income

The term "Price Maker" is used in:

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Perfect competition

Oliogopoly

Monopoly

Monopsony

Which statement is called subject matter of economics

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Problems of working individuals and their solution

Planning of increase in production

Unlimited wants and limited means

Solution of problems of the individuals living away from the society

Which economist stated that utility is not measurable

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Adam Smith

Marshall

Cannon

Hicks

Total utility decreases when marginal utility is

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Positive

Negative

Zero

Maximum

Which economist said that, economics cannot be separated from spiritual values?

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Marshall

Robbins

Adam smith

Voton

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

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