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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
Quickly destroyable goods are called
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Superior goods
Inferior goods
Perishable goods
Giffen godds
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Question # 2
Concept of law of diminishing marginal utility was presented by professor
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Marshall
Robbins
Keynes
Pigou
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Question # 3
Which side of life of human being is analysed in economics
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Political
Social
Economic
Moral
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Question # 4
Under Monopoly, a firm is in equilibrium position when Ed is:
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Equal to unity
Less than unity
Grater than unity
Both b and c
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Question # 5
Id demand changes by less than 10% due to 10% change in price, then elasticity of demand is called
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Equal to unity
More than unity
Less than unity
Infinite
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Question # 6
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 # 7
Net National product is equal to
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GNP + Depreciation expenditure
GDP + Depreciation expenditure
GNP - Depreciation expenditure
GDP - Depreciation expenditure
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Question # 8
During the phase of recovery prices, wages, interest rate and profits
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Start falling gradually
Start rising gradually
are highest
are lowest
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Question # 9
If a monopolist wants to increase the sale of its product, it will have to --------- the price of its good
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Decrease
Increase
Keep constant
None of the three
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Question # 10
Curve of law of diminishing marginal utility
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Moves from left to right downward
Moves from left to right upward
Firstly it has a tendency to rise up and after a certain limit it starts falling
It is parallel to ox-axis
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Question # 11
Because of indirect taxes, prices
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Decrease
Remain constant
Increase
Do not change
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Question # 12
If we deduct depreciation from GNP, we get:
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P.I
G.D.P
D.P.I
N.N.P
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Question # 13
Supply of perishable goods is
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More elastic
less elastic
Perfectly inelastic
infinite elasticity of supply
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Question # 14
Dividing total fixed costs by the units of output, is attained
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Average fixed cost
Average variable cost
Average cost
Marginal cost
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Question # 15
The cause of shifting of supply curve is
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Change in price
Other factors
change in serving
change in demand
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Question # 16
To increase profit a firm minimises
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revenues
costs
demand
supply
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