Question # 1

Economics according to its scope is

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Science

Art

Science & Art

Only positive science

In case of fall in demand, demand curve shifts:

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Left side

Right side

Downward

Both (a) and (c)

Founder of modern school of thought:

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Adam smith

Marshall

Ricardo

Robbins

If demand rises more proportionately than that of supply, then

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity decreases

A textile mill produces 2000 meters cloth. Entrepreneur offers 1500 meters cloth to sell at price Rs 100 per meter and 500 meters cloth keeps with him. Cloth kept by the entrepreneur is called

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Total production

Supply

Stock

Surplus production

Wages of permanent labourers are:

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Fixed cost

Marginal cost

Total cost

Variable cost

According to law of supply, supply curve moves from left to right upward, this tendency is called

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Positive

Negative

Horizontal

Vertical

Law of increasing return is more applicable in:

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Trade sector

Industrial sector

Agricultural sector

Power sector

In order to improve the balance of payment the foremost try is to increase

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Imports

Exports

Production

Savings

If demand falls more proportionately then that of supply then

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Equilibrium price increases

Equilibrium price decreases

Equilibrium price does not change

Equilibrium quantity increases

The costs which the firm has to bear in every condition in the short period, are called

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Total costs

Fixed costs

Variable costs

Marginal costs

Organization means an individual or institution which with optimum factor combination

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Lays foundation of business always earning profit

Lays foundation of business but does not accept the responsibility of profit and loss

Lays foundation of business but accepts the responsibility of profit and loss

Serves as a manger in the business and receives remuneration

What is meant by demand for a commodity in economics

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To desire for a commodity

To have power to buy

To have power to buy a commodity with desire

Quantity of a commodity

Causes of shifting in supply curve is:

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Change in technique

Change in cost

Change in tax

All of them

When marginal product remains positive, total product

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Goes on decreasing

Goes in increasing

Becomes negative

Does not change

All factors of production are variable in the:

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Market period

Long period

Short period

All of these

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

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