Question # 1

A firm is in equilibrium when its

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Marginal revenue is equal to marginal cost

Marginal revenue is more than marginal cost

Marginal revenue is less than marginal cost

Marginal revenue is equal to average cost

Market price will be determined where

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Supply is more than demand

Demand is more than supply

Demand and supply are equal

Demand is less elastic and supply is more elastic

Relationship between price of a commodity and demand for it exists

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Positive

Inverse

Indirect

None of these

Zakat is part of the present income

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20th

30th

40th

50th

Which is not included in variable cost

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price of raw material

Advertisement expenditures

rent of builiding

wages of labour

The unit of money by which the value of goods and services is expressed is called

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Paper money

Money of account

Legal tender money

Near money

Law of equi-marginal utility is also known as:

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Total utility maximizing law

Law of substitution

Law of indifference

All of them

In which phase of Frade cycle level of employment and income becomes very low.

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Depression

Recovery

Recession

Boom

According to law of supply which factor changes the supply

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cost of producton

price

climatic conditions

level of income

According to neo classical approach, output is the function of:

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Labour

Capital

Organization

Both (a) and (b)

If every person pays tax according to his capacity, it is called

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Canon of certainly

Canon of equality

Canon of productivity

Canon of convenience

One of the following is not the assumption of quantity theory of money

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Velocity of circulation of legal money should not change

Velocity of Circulation of credit money should not change

Quantity of hoardings should not change

Quantity of goods and services should go on changing

If supply rises more proportionately than that of demand, then

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity decreases

Long run average cost curve is:

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Planning curve

Envelope curve

Flatter curve

All of three

When general price level increases due to increase in aggregate demand, it is known as?

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Stagflation

Hyper inflation

Demand pull inflation

Cost push inflation

Quickly destroyable goods are called

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Superior goods

Inferior goods

Perishable goods

Giffen godds

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

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