Question # 1

When price increases, supply:

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Contracts

Expands

Remains fixed

Becomes zero

The cause of rise and fall of demand is

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income

price

population

Both 1st and 3rd

"Principles of Economics" was written by.

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Adam smith

Marshall

Robbins

Canon

Cause of movement along the supply curve is

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Change in price

Other factors

Change in tax

Change in income

Marginal productivity theory was presented by:

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Pigou and Cannon

Adam Smith and F.A. Walker

Keynes and Semeulson

Marshall and J.B. Clark

"Money is a thing by which payments of agreements of borrowing and pricing are made and general purchasing power is stored in it." This definition of money is stated by the economist

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Prof Marshall

Prof Walker

Prof Keynes

Prof Crowther

Balance of payments is annual statistical record of

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Visible goods

Invisible goods

Foreign loans

Visible and invisible goods

Due to fall in demand, curve shifts to

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Right

Left

Both sides

None of these

Of what nature state laws are

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Local

Regional

National

International

Payment of zakat is compulsory for ----------- living in Islamic Country

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Every person

Every Muslim

Only Poor Muslim

Only Sahib-e-Nisab Muslim

Movement on the same demand curve is called:

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Increase is demand

Rise and fall in demand

Decrease in demand

Expansions and contraction in demand

Relationship of value of money with quantity of money is

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Direct

Indirect

Inverse

Positive

Who said that utility cannot be measured

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Adam smith

Marshall

Keynes

Hicks

Annual rate of Zakat on cash and trading goods is

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2.0%

2,5%

3.0%

3.5%

Demand for necessities of life is

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Les elastic

More elastic

Perfectly elastic

Perfectly inelastic

The difference between total revenue (TR) and total cost (TC) is called

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Loss

Profit

Profit or loss

Utility

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

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