4/21/2016

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

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

Principle of Economics (Objective) I.Com Part 1

708 Views

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

Principles of Economics Objective Type Questions (c)

Congratulations - you have completed Principles of Economics Objective Type Questions (c). You
scored 0 out of 42. Your performance has been rated as Need more practice!
Your answers are highlighted below.

Question 1

WRONG

Economic laws are

Of conditional nature
Definite and universal
Of political nature
Of moral nature
Question 2

WRONG

Which elasticity can be measured by using this formula

q/q q/q?

Arc elasticity
Point elasticity
Cross elasticity
Income elasticity
Question 3

WRONG

Supply of good depends upon

http://www.taleemepakistan.com/objectivetypequestionsforprincipleofeconomicsicompart1c/

1/13

4/21/2016

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

Utility
Price
Demand
Income

Question 4

WRONG

At equilibrium price, demand and supply are

Different
Become equal
Decreased
Increased
Question 5

WRONG

On agriculture applies immediately

Law of increasing return

Law of decreasing return

Law of constant returns
Law of demand
Question 6

WRONG

Second factor of production is

Land
Capital
Labor

http://www.taleemepakistan.com/objectivetypequestionsforprincipleofeconomicsicompart1c/

2/13

4/21/2016

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

Organization

Question 7

WRONG

Firm earns abnormal profit when

AR>AC
AR
AC=MC
AC=AR
Question 8

WRONG

Transfer payments are included in

GNP
P.I
N.I
G.D.P
Question 9

WRONG

Exchange of goods with goods is called

Medium of exchange
Store of value
Barter system
Standard of money
Question 10

WRONG

When there is deflation then price

http://www.taleemepakistan.com/objectivetypequestionsforprincipleofeconomicsicompart1c/

3/13

4/21/2016

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

Decreases
Increases
Remains constant
Do not change

Question 11

WRONG

Adam smith presented the basic canons of taxation

Two
Four
Five
Six
Question 12

WRONG

Phases of trade cycle are

Three
Four
Seven
Five
Question 13

WRONG

Zakat is the part of the present income

30th
40th
50th
http://www.taleemepakistan.com/objectivetypequestionsforprincipleofeconomicsicompart1c/

4/13

4/21/2016

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

20th

Question 14

WRONG

Who wrote the "Wealth of Nation"?

Adam smith
Keynes
Robbins
Marshall
Question 15

WRONG

When total utility is decreasing, marginal utility is

Positive
Zero
Negative
Maximum
Question 16

WRONG

Law of decreasing marginal utility was presented by

Malthus
Robbins
Marshall
Adam Smith
Question 17

WRONG

Which law provides the basis for the law of demand?

http://www.taleemepakistan.com/objectivetypequestionsforprincipleofeconomicsicompart1c/

5/13

4/21/2016

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

Law of supply
Law of diminishing marginal utility
Law of equi-marginal utility
Law of decreasing returns

Question 18

WRONG

The unitary method of elasticity of demand was

presented by
Ricardo
Marshall
Piguo
Ferguson

Question 19

WRONG

The price elasticity of luxuries is

More than unity

Less than unity
Zero
Infinity

Question 20

WRONG

Rent of building is included in

Fixed costs
Variable costs
Marginal costs
http://www.taleemepakistan.com/objectivetypequestionsforprincipleofeconomicsicompart1c/

6/13

4/21/2016

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

Selling costs

Question 21

WRONG

Which amounts are not included in National Income?

Profits
Charities
Salary of employee
Tuition fee
Question 22

WRONG

Methods of measuring National Income are

One
Two
Three
Four
Question 23

WRONG

Which is included in transfer payments?

Taxi fare
Tuition fee
Pocket money
Doctor's fee
Question 24

WRONG

http://www.taleemepakistan.com/objectivetypequestionsforprincipleofeconomicsicompart1c/

7/13

4/21/2016

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

Cheque is which kind of money

Paper money
Credit money
Legal tender
Standard money

Question 25

WRONG

Who takes advantage when price increases?

Laborer
Salaried person
Industrialist
Peasant

Question 26

WRONG

Which is the major source of public revenue?

Fine
Loans
Tax
Foreign grants

Question 27

WRONG

Which Economist declared Economics as "Knowledge of

Wealth"
Adam Smith
J. S. Mill
http://www.taleemepakistan.com/objectivetypequestionsforprincipleofeconomicsicompart1c/

8/13

4/21/2016

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

Marshall
Both a and b

Question 28

WRONG

The curve of the Law of Diminishing Marginal Utility

moves

From left to right downward

From left to right upward
Parallel to x-axis
Parallel to y-axis
Question 29

WRONG

The goods on which the Law of demand not applies

are called

Services
Consumer's goods
Giffon good
Capital goods
Question 30

WRONG

Supply of goods depends

On income
On desire
On utility
On price
http://www.taleemepakistan.com/objectivetypequestionsforprincipleofeconomicsicompart1c/

9/13

4/21/2016

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

Question 31

WRONG

In balance of payment, comprises

Visible items
Invisible items
Visible and invisible items
Capital goods
Question 32

WRONG

Which one of the following stated the canons of taxation

first?

Adam Smith
Robbins
Pigou
Keynes
Question 33

WRONG

When marginal utility is zero, then total utility is

Minimum
Positive
Maximum
Zero
Question 34

WRONG

If demand curve is parallel to X-axis, then elasticity

of demand is
http://www.taleemepakistan.com/objectivetypequestionsforprincipleofeconomicsicompart1c/

10/13

4/21/2016

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

Infinite
Zero
Equal to unity
More than unity

Question 35

WRONG

Supply curve moves from left to right upward, this

tendency called
Negative
Positive
Horizontal
Vertical

Question 36

WRONG

Which factor of production is result of human struggle?

Land
Labor
Capital
Organization

Question 37

WRONG

In law or constant return, marginal product

Increases
Decreases
Remains constant
http://www.taleemepakistan.com/objectivetypequestionsforprincipleofeconomicsicompart1c/

11/13

4/21/2016

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

Remains changing

Question 38

WRONG

In short run, fixed cost curve has the tendency

Parallel to ox-axis
Parallel to oy-axis
Positive
Negative
Question 39

WRONG

Cheque and bill of exchange etc are

Metallic money
Paper money
Credit money
Near money
Question 40

WRONG

Which Economist has stated the definition of balance

of payments?

Robbins
Kindle Berger
Marshall
Keynes
Question 41

WRONG

http://www.taleemepakistan.com/objectivetypequestionsforprincipleofeconomicsicompart1c/

12/13

4/21/2016

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

Number of beneficiaries of zakat is stated in the Holy

Quran

Five
Seven
Eight
Nine
Question 42

WRONG

If income of the Government is more than its

expenditures, such budget is called

Surplus budget
Deficit budget
Balanced budget
Private budget

Copy Protected by Chetan's WP-Copyprotect.

http://www.taleemepakistan.com/objectivetypequestionsforprincipleofeconomicsicompart1c/

13/13