Objective Type Questions for Principle of Economics I.Com Part 1 (b)

Objective Type Questions for Principle of Economics I.Com Part 1 Test 2

1. Exchange of goods with goods is called


2. Balance of payments includes


3. Federal tax is


4. Which law provides the basis for the law of demand?


5. The canons of taxation are described by


6. The price elasticity of luxuries is


7. Which elasticity can be measured by using this formula ∆q/q ÷ ∆q/q?


8. Second factor of production is


9. When total utility is decreasing, marginal utility is


10. One of the following is not condition of perfect competition


11. Transfer payments are included in


12. Zakat is the part of the present income


13. The Principles of Economics was written in


14. When marginal product is zero, then total product


15. The inflation is useful for


16. How many methods for measurement of National Income Are?


17. Law of decreasing marginal utility was presented by


18. Adam smith presented the basic canons of taxation


19. The innovation theory of trade cycles was presented by


20. The shape of average cost curve in short run is


21. Phases of trade cycle are


22. The unitary method of elasticity of demand was presented by


23. When a firm’s average total cost is equal to price, then it is called as


24. If face value is equal to the metal value of a coin, it is called as


25. Who wrote the book named Principles of Economics


26. Supply of good depends upon


27. When there is deflation then price


28. Another name of unitary method is


29. Demand pull inflation is caused by


30. At equilibrium price, demand and supply are


31. Who wrote the “Wealth of Nation”?


32. Another name of unitary method is


33. On agriculture applies immediately


34. The power of a good or service to satisfy human want is called as


35. Firm earns abnormal profit when


36. Zakat means


37. The supply of land is


38. When demand changes due to other factors except price, then it is called as


39. Economic laws are


40. If rate of tax increase as income increases, is called as


Print Friendly, PDF & Email


  1. My answers are not submitting

  2. thanks 4 the help

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Copy Protected by Chetan's WP-Copyprotect.