Question # 1

On which of the following law of diminishing marginal utility is applicable

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Money and wealth

Diamonds and jewels

Goods of fashion

Necessities of life

If the rate of tax does not change with decrease or increase in the level of income, is called

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Proportional tax

Progressive tax

Regressive tax

value added tax

What is the reward of Organization ?

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Rent

Wage

Interest

Profit

Long run average cost curve is:

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Planning curve

Envelope curve

Flatter curve

All of three

Which economist introduced economics as a science for the first time

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Adam Smith

Robbins

Marshall

Pigou

If quantity demanded for a commodity changes due to the change in income, it is called

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Price elasticity

Point elasticity

Cross elasticity

Income elasticity

Subsidies means:

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Relief price to consumers

Relief in price to Producers

Surplus budget

Both a and b

During depression

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Employment increases

Prices decrease

Profit increases

Prices increase

To describe as it is, after seeing and analyzing any event, is known as

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Normative science

Positive science

Biological science

For casting science

Equilibrium price is determined in.

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Perfect market

Imperfect market

Monopoly

None of these

Vertical supply curve means

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Same quantity supplied at differented price

Different quantities supplied at one price

Different quantities supplied at different prices

None of three

Marginal revenue product is the amount of money attained by selling:

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Average product

Marginal product

Total product

Total cost

National Income is also known as:

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National product

Total expenditure

Total population

Both a and b

Supply of the one of the following is not fixed:

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Vegetable

Fruit

Milk

Motor bike

If face value is equal to the metal value of a coin, it is called as

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Paper money

Token money

Credit money

Standard money

During the phase of recovery prices, wages, interest rate and profits

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Start falling gradually

Start rising gradually

are highest

are lowest

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

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