Question # 1

If supply goes on increasing due to a slight increase in price, then elasticity of supply is called

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Zero

Infinite

Equal to unity

More than unity

Theory of innovations was presented by:

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Joseph Schumpeter

Habson Foster

Jevons

J.R Hicks

Which book is named "Bible of Capitalism"

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Wealth of nations

Das capital

Principles of economics

General theory of employment, interest and money

Quantity theory of money was introduced in an equation by:

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Fisher

Marshall

Crowther

Tausigg

If demand curve is parallel to y-axis, then elasticity of demand is

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Equal to unity

More than unity

Less than unity

Zero

Walker, senior and Malthus belonged to school of thought

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Classical

Neo classical

Keynesian

None of these

Equilibrium level of national income means that point where:

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Consumption = Saving

Consumption = Investment

Saving = Investment

Income = Saving + Investment

Which thing should be added in net national product to get gross national product

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Direct taxes

Indirect taxes

Depreciation allowance

Subsidies

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

Modern theory trade cycle was presented by:

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Hawtrey

Habson Foster

Jevons

J.R Hicks

When a firm's average total cost is equal to price, then it is called as

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Normal profit

Abnormal profit

Normal loss

Abnormal loss

Kinds of supply according to period of time are

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Two

Three

Four

Five

The revenue collection of government and spending policy is called

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Monetary policy

Fiscal policy

commercial policy

Labour policy

The amount of money which a firm gets by selling a particular quantity of output, is called

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Average revenue

Marginal revenue

Total revenue

Fixed cost

Micro economics related to

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International trade

Behavior of firm

National income

Personal income

Cheque is which kind of money:

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Credit money

Paper money

Standard money

Legal money

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

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