Question # 1

During inflation prices are

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Zero

Low

Increase

Constant

When total production increases, marginal product is:

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Positive

Negative

Zero

Infinite

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

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%

Demand for good like Television and VCR is

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Less elastic

More elastic

Perfectly inelastic

Infinitely elastic

Zakat means

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Growth

Purification

Tax

Both 1st and 2nd

Exchange of goods with goods is called

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Medium of exchange

Store of exchange

Scale of measure of exchange

Barter system

One of the following is not included in implicit cost

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Interest of entrepreneur's own capital

Rent of building

Reward of entrepreneur's own labour

Reward of entrepreneur's own land

In case of rise in demand, demand curve shifts:

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Right side

Downward

Upward

(a) and (c)

Basic object of a firm is to get maximum:

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Price

Profit

Production

All of three

Oligopoly means:

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Single seller

Two seller

Multiple sellers

Multiple buyers

When marginal product is zero, total product is

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Maximum

Minimum

Negative

Zero

The rate of usher on product of canal land is

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5%

10%

20%

2.5%

At last, indirect tax is paid by

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Shopkeeper

Entrepreneur

Customer

Whole-seller

Concept of law of diminishing marginal utility was presented by professor

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Marshall

Robbins

Keynes

Pigou

The quantity of commodity which exists in warehouse (stock) of the seller is called

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Supply

Demand

Stock

All of these

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

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