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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
Equilibrium price is determined where:
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D = S
D > S
D < S
Both (b) and (c)
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Question # 2
Economics according to its scope is
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Science
Art
Science & Art
Only positive science
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Question # 3
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 # 4
When supply increases due to rise price, it is called:
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Fall in supply
Contraction in supply
Expansion in supply
Rise in supply
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Question # 5
If the income of the government is less than its expenditures, such budget is called
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Surplus budget
Deficit budget
Balanced budget
Capital budget
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Question # 6
Which one factor is free gift of nature ?
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Land
Labour
Capital
Organization
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Question # 7
If demand curve is parallel to x-axis, then elasticity of demand is
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Infinite
Zero
Equal to unity
More than unity
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Question # 8
"National income is that part of material wealth of a nation which can be measured by the scale of money" This definition of national income is stated by the economist
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Marshall
Pigou
Adam smith
Clark
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Question # 9
Inflation will be useful for
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Labourers
Consumers
Penioners
Industrialist
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Question # 10
When total production decreases, marginal product is:
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Positive
Negative
Zero
Infinite
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Question # 11
In Macro economies the vital role is played by:
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Marshall
J.R.Hicks
Robbins
Keynes
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Question # 12
In law of constant return, marginal product
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Increases
Decreases
Remains constant
Remains changing
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Question # 13
In law of increasing cost, marginal cost
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Increases
Decreases
Remains constant
Remains fixed
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Question # 14
Concept of equilibrium level of national income in comprehensive way was presented by
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Professor keynes
Professor Marshall
Professor hicks
Professor Lipsay
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Question # 15
Unit of account money in Pakistan is
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Rial
Rupee
Dollar
Pound
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Question # 16
Number of beneficiaries of Zakat is stated in the holy Quran
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Five
Seven
Eight
Nine
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