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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
In which punishment is not applicable for the disobedience, the laws are
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Moral laws
Laws of state
Political laws
Economic laws
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Question # 2
The decreasing part of TU curve shows:
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MU is zero
MU is negative
MU is increasing
MU is decreasing
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Question # 3
The trade that takes place between the individuals living in different areas of a country is called
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Domestic trade
International trade
Foreign trade
Regional Trade
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Question # 4
When there is deflation, then prices
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Increase
Decrease
Remain constant
do not change
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Question # 5
If 50% change in demand in response of 30% change in price then:
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Elasticity of demand = 1
Elasticity of demand < 1
Elasticity of demand > 1
Elasticity of demand = 0
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Question # 6
One of the following is not the method to control deflation
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Decrease in public expenditures
Decrease in interest rate
Decrease in income tax
increase in exports
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Question # 7
If demand for a commodity changes due to change in price of its substitute, it is called
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Price elasticity
Point elasticity
Cross elasticity
Arc elasticity
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Question # 8
Equation of relationship between quantity of money and value of money, MV=PT is presented by the economist
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Prof Taussing
Prof Fisher
Prof Crowther
Prof Marshall
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Question # 9
Demand for the goods which have different uses, is
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More elastic
Less elastic
Infinity
Zero elastic
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Question # 10
Which factor has no pre-determined reward
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Land
Labour
Capital
Organization
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Question # 11
When supply decreases due to fall in 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 # 12
Zakat can not be given
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to get slaves free
To the collection of zakat
For the construction of Mosque
The converts
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Question # 13
At last, indirect tax is paid by
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Shopkeeper
Entrepreneur
Customer
Whole-seller
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Question # 14
"Money is what money does" is the statements of:
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Robbins
Marshall
Hicks
Keynes
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Question # 15
The paper notes which can not be converted in gold, silver, or foreign exchange, are called
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Standard money
Convertible paper money
Inconvertible paper money
Legal tender money
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Question # 16
"Quantity of goods and services which is consumed during a year is called national income". This definition of national income is stated by the economist
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Marshall
Pigou
Adam smith
Fisher
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