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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
The term marginal in economics means:
Choose an answer
An additional unit
Change in unit
Last unit
All of them
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Question # 2
Relationship of level of prices and quantity of money
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Positive
Negative
Indirect
2nd and 3rd both
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Question # 3
If income of the government is more than its expenditures, such budget is called
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Surplus budget
Deficit budget
Balanced budget
Capital budget
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Question # 4
Surplus budget for the government is considered
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Useful
Harmful
Useful & harmful
None of three
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Question # 5
When average product is maximum, marginal product is
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Equal to average product
More than average product
Less than average product
Zero
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Question # 6
Foreign exchange is used in
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Local trade
Regional trade
Domestic trade
International trade
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Question # 7
Inductive method of deriving economic laws
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We move from general conditions to particulars conditions
We move from particular conditions to general conditions
Facts are stated in simple and easy way
Stated in general way
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Question # 8
Rise of supply can be shown with the help of
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A supply curve
More than one supply curves
Fixed supply curve
Vertical supply curve
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Question # 9
According to quantity theory of money doubling the quantity of money, prices
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Increase
Double
Decrease
One half
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Question # 10
------------ is not included in gross domestic product
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Private investment
Income received from foreign country
Depreciation allowance
Govt. investment
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Question # 11
Who said that economics is normative science ?
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Keynes
Robbins
Marshall
Rocher
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Question # 12
Who did present formula to measure Arc elasticity of demand
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Adam Smith
Marshall
Allen
Keynes
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Question # 13
"Principles of Economics" was written by.
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Adam smith
Marshall
Robbins
Canon
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Question # 14
Causes of shifting in supply curve is:
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Change in technique
Change in cost
Change in tax
All of them
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Question # 15
Who did give economics the status of positive science
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Marshall
Robbins
Cannon
Pareto
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Question # 16
If supply goes on increasing due to a slight increase in price, then elasticity of supply is called
Choose an answer
Zero
Infinite
Equal to unity
More than unity
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