Question # 1

"A trade cycle is completed in three years four months" This is stated by

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Prof Kitchen

Prof Jugglar

Prof Jevons

Prof Pigou

When average product increases, marginal product is:

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Also increases

Decreases

Zero

Negative

If demand decreases by 5% due to 10% increase in Price, then elasticity of demand is

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Equal to unity

More than unity

Less than unity

Zero

If the ratio of change in demand is less than the ratio of change in price, elasticity of demand will be

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More than unity

Less than unity

Equal to unity

Zero

International Monetary fund is

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Local

Regional

National

International

Which one of the following is indirect tax

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Income tax

Property tax

Wealth tax

Sales tax

The second name of law of constant return is

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Law of decreasing cost

Law of increasing cost

Law of cost

Law of constant cost

In between how many countries international trade takes place under comparative cost theory

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Two

Three

Four

Many

According to Pigou national income is that part of material wealth

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Which can be stored easily

Which can be measured by the scale of money

Which have volume and surrounds

Which is exported

Zakat means

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Growth

Purification

Tax

Both 1st and 2nd

Under consumption or over saving theory is presented by

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Prof Hobson, Foster and Catchings

Prof Hawtrey

Prof Keynes

Prof Jevons

Government needs public finance

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For the defence of frontiers

To maintain law and order in the country

For the payment of salaries of government employees

For the welfare of the people

TC = TFC +:

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MC

AR

TVC

TAC

Founder of neo-classical school of thought:

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Adam Smith

Marshall

Robbins

Keynes

Average revenue is equal to

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Price

Total revenue

Marginal revenue

Average cost

Monetary theory of Trade cycle is presented by

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Prof Hawtrey and Friedman

Prof Keynes

Prof Hobson

Prof Kitchen

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

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