Question # 1

Supply of goods depends upon

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Price

Income

Price and income

Utility

Supply curve moves from left to right upward, this tendency is called

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Negative

Positive

Horizontal

Vertical

In law of decreasing cost, marginal cost

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Increases

Decreases

Remains constant

Does not change

All factors of production are variable in the:

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Market period

Long period

Short period

All of these

If supply does not change, then due to rise in demand, equilibrium price.

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Increases

Decreases

Does not change

Becomes zero

Monopoly refers to:

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Single buyer

Single seller

Single producer

Both b and c

Which is not counted in national income

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Interests

transfer payments

Profits

Rents

Which economist said that abundance of definitions has pressed the neck of economics

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Adam Smith

Robbins

Keynes

Pigou

If supply does not change, then due to rise of demand

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity decreases

If demand changes by more than 10% due to 10% change in price, then elasticity of demand is called

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Equal to unity

More than unity

Less than unity

Infinite

Cannot be separated from labourer

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Land

Labour

Capital

Organization

If in a production sector, along with the fixed factor of production, by increasing units of variable factors, marginal product remains constant, this tendency in economics is called

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Law of increasing return

Law of constant return

Law of decreasing return

Law of production

Cause of shifting of supply curve is

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Change in price

Other factors

Change in tax

Change in income

At shut down position:

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AC = AR

AVC = AR

AVC < AR

AVC > AR

How many are kinds of theoretical economics

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Two

Three

Four

Five

Money which can be converted into cash money is known is:

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Near money

Paper money

Legal tender money

Token money

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

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