Question # 1

Quantity supplied of a commodity extends because

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Population changes

Change occurs in assumtions of law of supply

Income of the entrepreneur increases

Price of the commodity increases

Which economist explained the absolute difference of cost of two good between two countries

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Malthus

Adam Smith

Ricardo

J.S Mill

In short average cost curve is:

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Saucer shaped

Negative slope

U shaped

Flatter

Which one of the following is not called Gross national product

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Economic national product

Joint national product

Composite national product

All the three

Founder of modern school of thought:

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Adam smith

Marshall

Ricardo

Robbins

Equilibrium price is determined where:

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D = S

D > S

D < S

Both (b) and (c)

Which of the following stated that utility is measurable

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Marshall

Adam Smith

Robbins

Keynes

A slight change in demand and price is called:

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Point Elasticity of demand

ArcElasticity of demand

CrossElasticity of demand

PriceElasticity of demand

Methods of deriving economic laws are

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Two

Three

Four

Five

Under Monopoly, a firm is in equilibrium position when Ed is:

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Equal to unity

Less than unity

Grater than unity

Both b and c

When there are small and minor changes in price and demand then

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Price elasticity

Income elasticity

Cross elasticity

Point elasticity

"Purchasing power of money is inverse of level of prices. So study of purchasing power of money is identical with the study of level of prices." These are the words of

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Prof Irving Fisher

Prof Crowther

Prof Pigou

Prof Keynes

When there is inflation attached with high unemployment level, it is called ?

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Stagflation

Hyper inflation

Demand pull inflation

Cost push inflation

Economics is concerned with the attainment of material requisites

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Robbins

Marshall

Pareto

Senior

Kinds of credit money are

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Verbal promise and written promise

Govt. securities & debentures

Cheque & Drafts

Share of Companies

Who does determine the reserve price

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Buyer

Seller

Government

District adminitration

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

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