Question # 1

Who wrote the book named "An enquiry into the nature and causes of the wealth of nations ?

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Adam Smith

Marshall

Robbins

Canon

MRP curve is slopping:

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Negative

Positive

Downward

Both a and c

Balance of payment of a country is balanced when its

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Receipts are more than payments

Receipts are less than payments

Receipts are equal to payments

None of three

Because of devaluation of currency of a country, its exports

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Decrease

Increase

Remains constant

Go on changing

Indirect taxes become cause of

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Increase in prices

Decrease in prices

Stability of prices

Change in prices

One of the following is not the characteristic of money

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General acceptability

Durability

Non homogeneity

Convertibility

One of the following is not advantage of international trade

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Provision of necessities of life

Imperfections of market

Provision of medicines & machinery

Provision of necessities of defence

The purchasing power of money is called

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value of money

Medium of exhange

quantity of money

credit money

Marginal utility always:

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Decreases

Increases

Zero

Negative

Third factor of production is called

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land

labour

capital

organization

Balance of visible goods of a country mean

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Quantity of imports & exports

Value of imports & exports

Value of imported & exported goods and services

Value of imported & exported services

Usher is levied on

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Cash amount

Goats and sheep

Trading goods

Agricultural production

______ is not considered perfect money

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Note of ten rupees

Note of hundred rupees

Piece of silver

Note of one thousand rupees

Free gift of nature is

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Land

Labour

Capital

Organization

If 50% change in demand in reposne of 50% change in price then:

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Elasticity of demand = 1

Elasticity of demand < 1

Elasticity of demand > 1

Elasticity of demand = 0

Monopoly refers to:

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Single buyer

Single seller

Single producer

Both b and c

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

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