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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
Founder of new classical school of thought was
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Adam smith
Marshall
Robbins
Keynes
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Question # 2
Under constant return, the slope of marginal product curve is
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Positive
Negative
Infinite
Zero
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Question # 3
"The study of nature and principles of government expenditures and revenue is called public finance"
This definition is stated by
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Bastable
Armitage Smith
Ricardo
Robbins
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Question # 4
If demand falls more proportionately then that of supply then
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Equilibrium price increases
Equilibrium price decreases
Equilibrium price does not change
Equilibrium quantity increases
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Question # 5
The salient features of trade cycle are:
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National in nature
International in nature
Domestic in nature
All of these
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Question # 6
One of the following is not monetary measure to control inflation
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Increase in bank rate
Open market operation
Increase in ratio of reserve capital
To create constant situation
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Question # 7
Which factor has no pre-determined reward
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Land
Labour
Capital
Organization
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Question # 8
Next best alternative use of resources is known as:
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Implicit cost
Explicit cost
Opportunity cost
Sunk cost
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Question # 9
Basic characteristics of good money are
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General acceptability, durability
Homogeneity,divisibility
Transferability, recognizability, convertibility
All
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Question # 10
Equilibrium level of national income means that point where
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Consumption = saving
Consumption = investment
Income = saving + investment
Saving = Investment
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Question # 11
During recession demand for factors of production is
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More
Limited
Very low
Too much
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Question # 12
Law of increasing return is more applicable in:
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Trade sector
Industrial sector
Agricultural sector
Power sector
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Question # 13
Which combination of the following is of joint demand
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Tea and coffee
Petrol and car
Meat and grocery
Inkpot and book
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Question # 14
When average cost falls marginal cost is ---------------- average cost
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More than
Less than
Equal to
A and C
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Question # 15
When average cost falls, marginal cost is - - - - - - average cost
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Less than
More than
Equal to
None of three
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Question # 16
National income means the income
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Which central government earns during a year
Which provincial government earn during a year
Total wealth of a country
Rewards which the factors of production get during a year
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