Question # 1

When total revenue is maximum, marginal revenue is

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More

Less

Constant

Zero

In perfect competition number of firms is

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One

Two

A few

Large

Economic point of view of the supporters of which school of thought is the name of feeling and mental state

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Classical

Neo classical

Ancient

Modern

To increase profit a firm minimizes

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Revenues

Costs

Demand

Supply

Market equilibrium is attained when there exists in the market

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Perfect competition

Imperfect competition

Monopoly

Large quantity of commodity comes in the market

Which economist said that the term demand for money should be used instead of circulation of money

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Prof Keynes

Prof Marshall

Prof Crowther

Prof Fisher

Which one is comparatively the most important factor ?

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Land

Labour

Capital

Organization

Who did separate economics from political science for the first time

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Marshall

Malthus

Adam smith

Ricardo

The best definition of money is stated by

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Marhsall

Crowther

Keynes

Walker

Dividing total revenue by the sold units of output, is attained

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Average revenue

Marginal revenue

Total revenue

Average cost

Because of indirect taxes, prices

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Decrease

Remain constant

Increase

Do not change

A good thing in private finance

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Expenditures are equal to income

Expenditure are more than income

Income is more than expenditures

a and b both

When marginal utility is negative, then total utility

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Decreases

Increases

Does not change

Becomes negative

Advantages of international trade are

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One

Two

Three

Many

Under consumption or over saving theory is presented by

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Prof Hobson, Foster and Catchings

Prof Hawtrey

Prof Keynes

Prof Jevons

The tax which is levied on the sale of goods is called

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Income tax

Property tax

Gift tax

Sales tax

To the name of which economist, canons of taxation are attributed

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Adam smith

Robbins

Pigou

Keynes

In a production process, when units of variable factors along with fixed factor of production are increased, marginal cost goes on rising, this tendency in economics is called

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Law of decreasing cost

Law of constant cost

Law of increasing cost

Law of increasing return

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

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