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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
The supply curve of Fish is
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More elastic
Less elastic
Inelastic
Infinite elastic
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Question # 2
When demand and supply rise equally then equilibrium price
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isles
is more
Remains the source
Zero
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Question # 3
Inflation will be useful for
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Labourers
Consumers
Penioners
Industrialist
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Question # 4
Price of raw material, wages of temporary labourers, transport costs etc,are called
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Fixed costs
Variable costs
Marginal cost
Total cost
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Question # 5
During the phase of boom level of income and employment is
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Increasing
Decreasing
Highest
Lowest
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Question # 6
If we deduct direct taxes from personal income, we get:
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NNP
GDP
DPI
PI
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Question # 7
Who did write the book named "Principles of Economics" was written
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Adam smith
Marshall
Robbins
Cannon
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Question # 8
In mathematics, symbol for utility is used
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U
M
X
Y
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Question # 9
World economic depression accured in
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1927
1928
1929
1931
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Question # 10
The equilibrium of the market is that demand and supply to each other are
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opposite
positive
equal
negative
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Question # 11
If supply curve is vertical (parallel to y-axis), then elasticity of supply is
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Zero
Infinite
Equal to unity
More than unity
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Question # 12
If the rate of change in price and quantity demand is in equal ratio, then Elasticity of demand is:
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Equal to zero
Equal to one
Smaller than one
Greater than one
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Question # 13
At least one factor is fixed in:
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Market period
Long period
Short period
All of three
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Question # 14
During the phase of recession prices of goods
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Start rising
Start falling
are highest
are lowest
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Question # 15
"A trade cycle is fluctuation in employment, production and prices" This definition of Trade cycle is stated by
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Prof Keynes
Prof Mitchall
Prof Hanson
Prof Haberler
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Question # 16
Marginal revenue product curve is called
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Demand curve of the firm
Supply curve of the firm
Demand curve of the industry
Supply curve of industry
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