Question # 1

Average revenue is equal to

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Price

Total revenue

Marginal revenue

Average cost

Quantity theory of money was introduced in an equation by:

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Fisher

Marshall

Crowther

Tausigg

"Money is what money does" is the statements of:

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Robbins

Marshall

Hicks

Keynes

MPP stand is

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Marginal price product

Marginal Physical Product

Marginal Physical Price

Marginal Perfect Price

When average cost falls marginal cost is ---------------- average cost

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More than

Less than

Equal to

A and C

The most clear and comprehensive definition of economics is given by

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Adam Smith

Alfred Marshall

Robbins

A.C. Pigou

Who said that economics is science of unlimited wants and limited means

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Adam Smith

Marshall

Pigou

Robbins

Transfer payment means that income

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Which can move from one place to order place i.g. money etc.

Which is received without labour, e.g. Zakat, gift , pension etc

Which is received after hardwork

Which is received by exports

When price of a commodity decreases but its demand does not change, this situation is called

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Constant demand

Fall of demand

Rise of demand

Extension of demand

Who said that economics is positive science

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Adam Smith

Marshall

Robbins

Keynes

Slope of average revenue and marginal revenue cures under monopoly is

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positive

negative

zero

none of three

Which is not included in variable cost

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price of raw material

Advertisement expenditures

rent of builiding

wages of labour

The formula of calculating total revenue is

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P x Q

P x AC

AC x Q

TC / Q

Wealth tax, income tax, property tax etc are

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Direct taxes

Indirect taxes

Proportional taxes

Progressive taxes

If we multiply margina product with price we get:

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MFC

MRP

TVC

Both a and b

If demand curve is parallel to x-axis, then elasticity of demand is

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Infinite

Zero

Equal to unity

More than unity

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

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