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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
The most appropriate definition of money was given by:
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F.A.Walker
Keynes
Pigou
Crowther
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Question # 2
Blessings like air, rain existing on land are included in factor of production
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Labour or human resources
Capital or monetary resources
Land or natural resources
Organisation
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Question # 3
When marginal utility is positive, total utility
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Goes on decreasing
Goes on increasing
Does not change
Is zero
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Question # 4
Which laws are definite and universal
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Economic laws
Moral laws
State laws
Scientific laws
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Question # 5
The term "Price Maker" is used in:
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Perfect competition
Oliogopoly
Monopoly
Monopsony
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Question # 6
If supply goes on increasing due to a slight increase in price, then elasticity of supply is called
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Zero
Infinite
Equal to unity
More than unity
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Question # 7
Capital goods are those which can satisfy human wants:
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Directly
Indirectly
Proportionate
None of these
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Question # 8
Consumer's behaviour means:
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Selection
Purchase
Sale
Both (a) and (b)
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Question # 9
MRP curve of a factor represents:
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Demand of factors
Supply of factors
Price of factors
Both a and c
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Question # 10
Tendency of demand curve of a factor of production is
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Positive
Negative
Zero
Horizontal
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Question # 11
Measurement of arc elasticity of demand was present:
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Keynes
Marshall
Adam smith
R.G.D Allen
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Question # 12
Who said that economics is positive science ?
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Adam smith
Marshall
Robbins
Keynes
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Question # 13
If supply does not change despite a change in price, then elasticity of supply is called
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Equal to unity
Less than unity
More than unity
Zero
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Question # 14
Under perfect competition:
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AR > MR
AR < MR
AR = MR
All of three
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Question # 15
Total utility is maximum when marginal utility is
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Positive
Negative
Zero
Minimum
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Question # 16
"Public finance deals with governments revenue and expenditure and it studies how government maintains balance between its revenue and expenditures"
This definition is stead by
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Dalton
Armitage Smith
Bastable
pigou
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