Question # 1

When demand curve shifts leftward (or downward), it is called

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Rise of demand

Fall of demand

Extension of demand

Contraction of demand

When Demand > Supply it will be:

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Shortage

Less supply

More demand

Surplus

In balance of payment are included

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Visible items

Invisible items

Visible and invisible items

Material items

During inflation prices are

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Zero

Low

Increase

Constant

Difference between total revenue and total cost presents:

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Price

Profit

Production

Loss

Disposable personal income means

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Total of incomes

Income of an industry after fulfilling all the needs

After paying personal taxes, income of the people who provide factors of production

Save income of a person after the payment of the taxes

Which one is not included in macro economics

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National income

Employment

Price

Investment

Shut down point appears, when

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AVC=AR

AVC>AR

AVC<AR

AC=AR

" International balance of payment is all that transaction for which either foreign exchange is spent or received." This definition is stated by

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Prof. Marshal

Prof.Samuelson

Prof. Ricardo

Prof. Hicks

TC = TFC +:

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MC

AR

TVC

TAC

Marginal utility at the point of satiety is

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Zero

Positive

Negative

Initial

As factor of production, river and sea are called

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Land

Labour

Capital

Organization

Who is father of economics

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Marshall

Malthus

Adam smith

Cannon

Who did separate economics from political science for the first time

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Marshall

Malthus

Adam smith

Ricardo

The term demand in economics means:

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Desire

Purchasing

Need

Both (a) and (b)

Some inferior goods having expensive substitutes are known as:

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Economic goods

Giffen goods

Non-economic goods

Free goods

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

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