Question # 1

One of the following is not land:

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White house

Sub continents

Power house

Both (a) and (b)

The rate of change in Qd due to change in price is called:

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Rise in demand

Income Elasticity of demand

Price Elasticity of demand

Cross Elasticity of demand

Laws of returns are also known as:

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Laws of substitution

Laws of consumption

Laws of cost

All of three

If quantity demand changes due to the change in income, it is called:

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Point Elasticity of demand

Arc Elasticity of demand

Income Elasticity of demand

Price Elasticity of demand

Notes and coins are legal tender money because

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Government keeps gold and silver in their exchange

They are issued by the commercial banks

They are issued by the central bank

People are bound to accept them

Which one of the following stated the canons of taxation first

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Adam Smith

Marshall

Robbins

Keynes

When total production is maximum, marginal product is:

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Positive

Negative

Zero

Infinite

Unit of account money in Pakistan is

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Rial

Rupee

Dollar

Pound

According to which economist, some factors are indivisble

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Adam Smith

Marshall

Davenport

Hobson

Utility attained by all the units of a commodity consumed

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Positive utility

Negative utility

Total utility

Marginal utility

Third factor of production is called

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land

labour

capital

organization

In which kind of economics, aggregate behaviors of the economy are reviewed

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Theoretical

Applied

Micro

Macro

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

Formula method to measure elasticity of supply is related to

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Marshall

Robbins

R.G.D Allen

Flux

Tractor, harvester, thrasher etc are the examples of factor of production

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Land

Labour

Capital

Organization

In modern term, factors of production are called

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Inputs

Productive services

Inputs and productive services

Production of goods and services

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

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