Question # 1

Who said that economics is neutural science ?

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Pigou

Keynes

Robbins

Marshall

If supply does not change despite a change in price, then elasticity of supply is called

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Equal to unity

Less than unity

More than unity

Zero

One of the following is not included in labour

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Teaching of a teacher in a school

Working of a clerk in an office

To follow a case by a lawyer

To look after the child by his mother

Meteorological theory of trade cycle was presented by:

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Joseph Schumpeter

Habson Foster

Jevons

Hawtray

Tendency of average revenue curve under monopoly is alwaus

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Falls down

Parallel to x-axis

Rises up

Parallel to y-axis

kinds of money are

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Three

Four

Five

Seven

A textile mill produces 2000 meters cloth. Entrepreneur offers 1500 meters cloth to sell at price Rs 100 per meter and 500 meters cloth keeps with him. Cloth kept by the entrepreneur is called

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Total production

Supply

Stock

Surplus production

Who did introduce Macro Economics

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Marshall

N.W. Senior

J.M. Keynes

Ricardo

In how many parts professor Adam smith divided his book "Wealth of nations"

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Two

Three

Four

Five

What is money

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Coins of gold and silver

Paper money

Agricultural crops

Everything which can be used as a medium of exchange

One of the following is not assumption of law of diminishing marginal utility

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Same nature of the commodity

Consumption of the commodity with intervals

Suitable quantity of the commodity

No change in consumers mental condition

Tractor, harvester, thrasher etc are the examples of factor of production

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Land

Labour

Capital

Organization

Monetary theory of trade cycle was given by:

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Joseph Schumpeter

Habson Foster

Jevons

Hawtray

Equilibrium price is determined where:

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D = S

D > S

D < S

Both (b) and (c)

Which one of the following represents fixed cost

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Price of raw material

Wages

Capital goods

Wages of permanent labour

The demand curve slopes

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upwards

Horizontal

vertical

downward to the right

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

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