Question # 1

Methods to derive economic laws:

Choose an answer

One

Two

Three

Four

If the ratio of change in demand is less than the ratio of change in price, elasticity of demand will be

Choose an answer

More than unity

Less than unity

Equal to unity

Zero

Market equilibrium is determined when

Choose an answer

Demand = supply

Demand > supply

Demand < supply

Demand = zero

Economic laws are

Choose an answer

Definite and universal

Of Conditional nature

Of moral nature

Of political nature

Founder of neo-classical school of thought:

Choose an answer

Adam Smith

Marshall

Robbins

Keynes

The goods on which law of demand does not apply, are called

Choose an answer

Services

Goods and services

Giffin goods

Capital goods

It was impossible under barter system

Choose an answer

Lack of coincidence of wants

Lack of common measure of value

Divisibility of some goods in small parts

Solution of all the said problems

Reserve price of a commodity is that price

Choose an answer

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

Exact perdition not possible in:

Choose an answer

Economic laws

Science laws

Moral laws

Social law

Which laws are framed by parliament

Choose an answer

State laws

Moral laws

Economic laws

Scientific laws

Founder of modern school of thought:

Choose an answer

Adam smith

Marshall

Ricardo

Robbins

What is the reward of Organization ?

Choose an answer

Rent

Wage

Interest

Profit

If an entrepreneur does service, in economics it is called

Choose an answer

Organization

Discipline

Labour

Wage

In short average cost curve is:

Choose an answer

Saucer shaped

Negative slope

U shaped

Flatter

Which is not counted in national income

Choose an answer

Interests

transfer payments

Profits

Rents

By increasing the cost of production, the supply

Choose an answer

Extends

contracts

Falls

Rises

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer