Question # 1

Demand for luxuries goods is:

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Perfectly elastic

Less elastic

Perfectly inelastic

More elastic

Applied on agriculture immediately

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Law of increasing return

Law of substitution

Law of decreasing return

Law of decreasing cost

The money which is not in the form of net cash and is not used at once for business dealing is called

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Near money

Legal Tender money

Credit money

Paper money

National income is measured for:

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One year

Two years

Three years

Four years

Second factor of production is

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Land

Labour

Capital

Organization

The relation between quantity of money and value of money is:

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Positive

Negative

Direct

Inverse

When average product increases, marginal product is:

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Also increases

Decreases

Zero

Negative

When average cost falls marginal cost is ---------------- average cost

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More than

Less than

Equal to

A and C

Unitary method for Elasticity of demand was presented by:

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Marshall

Keynes

Robbins

Adam smith

Saving deposits and time deposits of the banks, Govt. securities and shares of the companies are called

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Token money

Money of account

Standard money

Near money

One of the following is not disadvantage of international trade

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Dependence on production of limited goods

Supply of goods injurious to health

Bitter pill for political freedom

Development of civilization & culture

If 30% change in supply in response to 50% change in price then:

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Es = 0

Es = 1

Es > 1

Es < 1

Equation of relationship between quantity of money and value of money, MV=PT is presented by the economist

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Prof Taussing

Prof Fisher

Prof Crowther

Prof Marshall

When demand curve shifts rightward (or upward), it is called

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Rise of demand

Fall of demand

Extension of demand

Contraction of demand

MC cuts AC at:

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Maximum point

Minimum point

Increasing point

Decreasing point

One of the following is not included in net national product

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Consumer goods

Capital goods

Capital formation

Consumer goods and capital goods

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

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