Question # 1

One of the following is not included in the methods of removing deficit in balance of payments of a country

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Increase in exports

Increase in imports

Devaluation of currency

Decrease in the quantity of money

Who is father of economics

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Marshall

Malthus

Adam smith

Cannon

If price of a commodity constant but its supply increases or price decreases but supply remains constant, it is called

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Rise of supply

Fall of supply

Extension of supply

Contraction of supply

Economics is basically divided into two parts

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Micro and macro economics

Micro and applied economics

Theoretical and applied economics

Welfare and applied economics

After achieving point of Satiation the total utility starts

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Rising

Declining

Remains constant

None of these

Relationship of value of money with quantity of money is

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Direct

Indirect

Inverse

Positive

"General theory of employment, interest and money" was written by:

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Robbins

Pigou

Keynes

Canon

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

Finance minister imposes tax on the goods having more elastic demand

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At low rate

At high rate

At the same rate

At zero rate

According to law of demand, curve moves from left to right downward. This type of tendency is called

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Positive tendency

Negative tendency

Extension and contraction of demand

Rise and fall of demand

Price is determined under perfect competition

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By sellers

By buyers

By government

By forces of demand and supply

If supply goes on increasing due to a slight increase in price, then elasticity of supply is called

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Zero

Infinite

Equal to unity

More than unity

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

By increasing the cost of production, the supply

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Extends

contracts

Falls

Rises

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

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Theoretical

Applied

Micro

Macro

The main cause of using the Cheque as money is

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They are proved as receipt

Most of the people accept them

Protection of money

Easy in transportation

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

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