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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
Shut down point appears, when
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AVC=AR
AVC>AR
AVC<AR
AC=AR
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Question # 2
Production of a commodity depends upon four factors of production i.e. land, labour, capital and organization
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According to classical economists
According to Neo classical economists
According to modern economists
According to Austrian school of thought
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Question # 3
Total utility increases when marginal utility is
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Positive
Negative
Zero
Minimum
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Question # 4
Which one of the following is not included in the assumptions of law of supply
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taste of consumer
cost of production
Methods of production
price of raw material
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Question # 5
The systematic record of the money value of visible exports and visible imports of one year of country is called
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Balance of trade
Balance of payment
International balance
External balance
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Question # 6
Economics is a science
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Political
Spiritual
Social
Scientific
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Question # 7
The percentage part of the agricultural produce is payable as Zakat which is irrigated by artificial sources
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5%
10%
15%
20%
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Question # 8
The demand curve for monopolist is also called
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Total revenue
Average revenue
Marginal revenue
Zero revenue
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Question # 9
If percentage change in supply is less 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
Zero
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Question # 10
Cause of positive slope of supply curve
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Change in cost of production
Fear of increase in cost of production and decrease in profit
Change in technique of production
Increase in per unit profit due to increase in price
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Question # 11
Average product is maximum, when marginal product curve ______ average product curve
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Intersects falling
Intersect rising
Is above
Is below
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Question # 12
Which economist said that, economics cannot be separated from spiritual values?
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Marshall
Robbins
Adam smith
Voton
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Question # 13
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 # 14
When there is deflation, then prices
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Increase
Decrease
Remain constant
do not change
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Question # 15
Laws of return are
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Two
Three
Four
Five
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Question # 16
Supply curve slope is:
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Positive
Vertical
Negative
Horizontal
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