Question # 1

Dividing total fixed costs by the units of output, is attained

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Average fixed cost

Average variable cost

Average cost

Marginal cost

In which kind of economics, aggregate behaviors of the economy are reviewed

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Theoretical

Applied

Micro

Macro

Law of increasing return is more applicable in:

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Trade sector

Industrial sector

Agricultural sector

Power sector

The price at which quantity demanded and supplied are equal

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Equilibrium price

Reserve price

Fixed price

Variable price

Economics according to its scope is:

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Science

Art

Science & Art

Only positive science

Relationship of level of prices and quantity of money

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Positive

Negative

Indirect

2nd and 3rd both

When total production increases, marginal product is:

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Positive

Negative

Zero

Infinite

When average product increase, marginal product

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Decreases

Is zero

Is negative

Also increases

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

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Near money

Paper money

Legal tender money

Token money

The most appropriate definition of money was given by:

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F.A.Walker

Keynes

Pigou

Crowther

National income means the income

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Which central government earns during a year

Which provincial government earn during a year

Total wealth of a country

Rewards which the factors of production get during a year

The average duration of trade cycle is:

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Five years

Fifty years

Twenty years

Ten years

"Anything which is generally accepted as a medium of exchange and also performs the functions of standard of value and a store of value is money"
This definition of money is stated by

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Prof Walker

Prof Marshall

Prof Crowther

Prof Pigou

Inductive method represents:

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General to particular

Particular to general

Normative science

Economic planning

Over investment theory is presented by

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Pigou

Hawtray

Hayek, Mises and Cassel

Prof Jugglar

Which economist is called Aristotal of economics

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Marshall

Keynes

Adam Smith

Malthus

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

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