Question # 1

If supply increase due to increase in price, it is called

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Extension of supply

Contraction of supply

Rise of supply

Fall of supply

The percentage part of the agricultural produce is payable as Zakat which is irrigated by artificial sources

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5%

10%

15%

20%

According to Prof. Kitchen a trade cycle completes in

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Two years six months

Three years or Fifty years

Fifty years or Sixty years

Sixty years or Seventy years

Elasticity of supply if perishable goods is

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Equal to unity

More than unity

Less than unity

Zero

If income of the government is more than its expenditures, such budget is called

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Surplus budget

Deficit budget

Balanced budget

Capital budget

The money which is not in the form of net cash and is not used at once for business dealing is called

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Near money

Legal Tender money

Credit money

Paper money

Initial utility is ______ individual utilities of all the units

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More than

Less than

Equal to

None of these

With an increase in the price of any good its substitutes will have

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a fall in its price

an increase in its prices

an increase in its demand

a decrease in its price

The purchasing power of money is called

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value of money

Medium of exhange

quantity of money

credit money

In a production process, when units of variable factors along with fixed factor of production are increased, marginal cost goes on rising, this tendency in economics is called

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Law of decreasing cost

Law of constant cost

Law of increasing cost

Law of increasing return

"Public finance is that branch of economics which studies the revenue and expenditures of governments institutions, their inter-relationship and financial administration"
This definition is stated by

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Bastable

Armitage Smith

Marshall

Pigou

All Pakistani coins are

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Token money

Standard money

Convertible money

Inconvertible money

Capital goods are those which can satisfy human wants:

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Directly

Indirectly

Proportionate

None of these

Which kind of budget is better during the situation of inflation

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Deficit budget

Surplus budget

Balanced budget

Domestic budget

Which laws are framed by parliament

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State laws

Moral laws

Economic laws

Scientific laws

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

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

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