Question # 1

Behavior adopted on the basis of unlimited wants and limited means, is named

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Science

Art

Economics

Struggle

When price increases, supply:

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Contracts

Expands

Remains fixed

Becomes zero

If supply decreases due to decrease in price, it is called

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Extension of supply

Contraction of supply

Rise of supply

Fall of supply

Inductive method represents:

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General to particular

Particular to general

Normative science

Economic planning

The slope of MR curve in monopoly is

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Vertical

Increasing

Horizontal

Negative

Recent international depression was appeared in:

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1936

1990

2005

2008

Reserve price of a commodity is that price

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Which is more than the cost of production of the seller

At which the seller sells his commodity tn the market

Which is equal to the cost of production of the seller

Below which the seller is not ready to sell his commodity

Which is not included in variable cost

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price of raw material

Advertisement expenditures

rent of builiding

wages of labour

The factor which is needed to produce goods by the combination of land, labour and capital is called

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Land

Labour

Capital

Organization

How many are kinds of theoretical economics

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Two

Three

Four

Five

In perfect competition number of firms is

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One

Two

A few

Large

Deductive method of deriving economic laws

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We move from general conditions to particular conditions

We move from particular conditions to general conditions

Stated in general way

Different incidents are kept in view

When supply decreases due to fall in price, it is called:

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Fall in supply

Contraction in supply

Expansion in supply

Rise in supply

The budget period in public finance is

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six months

one year

two years

five years

Feature of a commodity to satisfy human want, is called

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Value

Usefulness

Utility

Wealth

If the rate of change in price and quantity supplied is equal then:

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Es = 0

Es = 1

Es > 1

Es < 1

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

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