Question # 1

Walker, senior and Malthus belonged to school of thought

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Classical

Neo classical

Keynesian

None of these

If supply of a commodity changes by more than 10% due to 10% change in its price, then elasticity of supply will be

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Equal to unity

More than unity

Less than unity

Infinite

Study of large units of the economy is known as:

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Micro economics

Macro ecnomics

Applied economics

All of them

The income which a person can use according to his will is called

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Personal income

Disposable personal income

Net income

Per capita income

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

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity decreases

Which law provides the base of law of demand

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Law of supply

Law of diminishing marginal utility

Law of equi marginal utility

Law of decreasing return

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

A monopolistic firm has control of

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Whole market supply by one firm

Whole market supply by two firms

Whole market supply by a few firms

None of these

How many kinds are of positive economics

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Two

Three

Four

Five

Law of decreasing return is immediately applied on

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Agriculture

Trade

Industry

Construction

Second name of unitary method is

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Method of total satisfication

total expenditure method

total revenue method

Both 2nd and 3rd

Under monopoly, marginal revenue is _____ of output

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Decreasing function

Increasing function

Quadratic function

Cubic function

Third factor of production is called

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land

labour

capital

organization

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

According to law of supply which factor changes the supply

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cost of producton

price

climatic conditions

level of income

Utility attained by all the units of a commodity consumed

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Positive utility

Negative utility

Total utility

Marginal utility

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

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