Question # 1

The period in which an economy comes back from prosperity to depression is called

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Recovery

Recession

Boom

Depression

Economics is a science which studies.

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Production of wealth only

Consumption of wealth only

Optimum use of scare resources

Welfare only

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

The relation between quantity of money and value of money is:

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Positive

Negative

Direct

Inverse

According to law of demand, when price of a commodity decreases, then demand curve

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Moves from left to right upward

Moves from left to right downward

Moves vertically

Moves horizontally

Demand curve of a monopolist has the shape

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Falls from left to right

Rises from left to right

Remains below MR curve

Remains parallel to ox-axis

Which is not counted in national income

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Interests

transfer payments

Profits

Rents

The additional cost which a firm has to bear in order to produce additional unit of output, are called

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Average cost

Marginal cost

Fixed costs

Variable costs

In balance of payment are included

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Visible items

Invisible items

Visible and invisible items

Material items

MPP stand is

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Marginal price product

Marginal Physical Product

Marginal Physical Price

Marginal Perfect Price

During depression, increases

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Unemployment

Employment

Profit

Production

Formula method to measure elasticity of supply is related to

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Marshall

Robbins

R.G.D Allen

Flux

"Public finance deals with governments revenue and expenditure and it studies how government maintains balance between its revenue and expenditures"
This definition is stead by

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Dalton

Armitage Smith

Bastable

pigou

The rate of usher on product of canal land is

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5%

10%

20%

2.5%

" 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

During recession demand for factors of production is

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More

Limited

Very low

Too much

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

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