Question # 1

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

Which is not counted in national income

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Interests

transfer payments

Profits

Rents

Some inferior goods having expensive substitutes are known as:

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Economic goods

Giffen goods

Non-economic goods

Free goods

Marshall belonged to the country

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America

England

France

Japan

The ratio of change in investment to change in income is known as:

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Multiplier

Accelerator

MEC

Both a and b

MRP curve of a factor represents:

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Demand of factors

Supply of factors

Price of factors

Both a and c

There exists a relationship between inflation and deflation

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Increasing

Inverse

Indirect

None of three

Micro economics related to

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International trade

Behavior of firm

National income

Personal income

Elasticity of demand for substitute and jointly demanded goods is called

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Income elasticity

Arc elasticity

Cross elasticity

Point elasticity

"National income is that part of material wealth of a nation which can be measured by the scale of money" This definition of national income is stated by the economist

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Marshall

Pigou

Adam smith

Clark

Elasticity of demand for durable goods is

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More elastic

Less elastic

Infinte

Zero

Regarding time element, the normal price has types

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One

Two

Three

Four

Which one of the following is not included in the methods of measuring national income

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Method of total according to market prices

Method of total of incomes

Method of total of domestic necessities and desires

Method of total expenditures

According to law of demand, curve moves from left to right downward. This type of tendency is called

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Positive tendency

Negative tendency

Extension and contraction of demand

Rise and fall of demand

When average cost curve id falling, then marginal cost curve

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Remains below it

Remains above it

Remains parallel to it

Is vertical

Which one of the following is included in balance of trade

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Visible goods

Invisible goods

Visible & invisible goods

All the three

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

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