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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
If the percentage change in supply is more than the percentage change in price, then elasticity of supply is called
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Equal to unity
Less than unity
More than unity
Infinite
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Question # 2
If the person has to pay the tax on whom it is levied, then it is called
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Direct tax
Indirect tax
Proportional tax
Progressive tax
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Question # 3
Other name of law of equi marginal utility is
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Law of diminishing marginal utility
Law of demand
Law of constant return
Law of indifference
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Question # 4
Initial utility is ______ individual utilities of all the units
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More than
Less than
Equal to
None of these
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Question # 5
In comparative cost or comparative advantage theory, ratio is
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1x1 one good one country
2x2 two goods two countries
1x2 one good two countries
2x1 two goods one country
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Question # 6
In which phase of a trade cycle national product, wages, prices and profits reach at their peak
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Recovery
Boom
Recession
Depression
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Question # 7
Under monopoly, the slope of MR curve is:
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Twice the slope of AR curve
Less than the slope of AR curve
Greater than the slope of AR curve
Half the slope of AR curve
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Question # 8
When supply curve shifts leftwards or up, it is called
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Rise of supply
Fall of supply
Extension of supply
Contraction of supply
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Question # 9
Total product decreases, when marginal product is
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Positive
Negative
Zero
None of these
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Question # 10
Which one of the following represents fixed cost
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Price of raw material
Wages
Capital goods
Wages of permanent labour
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Question # 11
Who did criticise the definition of Robbins
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Marshall
J.B. Clark
Beveridge
Pigou
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Question # 12
Because of increase in national income
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Standard of living rises
Standard of living falls
No change occurs
None of three
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Question # 13
Are included in welfare economist
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Ricardo and J.S. Mill
Robbins and Keynes
Cannon and Pigou
Malthus and Keynes
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Question # 14
When demand for goods and services rises, then velocity of circulation of money
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Increases
Decreases
Remains constant
Does not change
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Question # 15
International Monetary fund is
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Local
Regional
National
International
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Question # 16
Kinds of credit money are
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Verbal promise and written promise
Govt. securities & debentures
Cheque & Drafts
Share of Companies
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