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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
Who said that economics is science of unlimited wants and limited means
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Adam Smith
Marshall
Pigou
Robbins
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Question # 2
Inflation is created
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When demand for goods is less than their supply
When demand for goods is more than their supply
When demand for goods becomes equal to their supply
When demand and supply of goods do not change
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Question # 3
Price determined with the equilibrium of demand and supply on some day
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Short period price
Long period price
Market price
Normal price
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Question # 4
Average revenue is equal to
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Price
Total revenue
Marginal revenue
Average cost
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Question # 5
Utility can not be measurable who has said
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Marshall
Hicks
Pigue
Adam Smith
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Question # 6
If the face value of a coin is greater than the value of metal used in:
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Legal money
Token money
Standard money
Both b and c
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Question # 7
Price is determined under perfect competition
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By sellers
By buyers
By government
By forces of demand and supply
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Question # 8
In which phase of Frade cycle level of employment and income becomes very low.
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Depression
Recovery
Recession
Boom
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Question # 9
Methods of deriving economic laws are
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Two
Three
Four
Five
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Question # 10
Under monopoly, marginal revenue is _____ of output
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Decreasing function
Increasing function
Quadratic function
Cubic function
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Question # 11
Which economist has stated the definition of balance of payments
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Robbins
Kindleberger
Marshall
Keynes
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Question # 12
Short run cost curves are generally
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flatter
u shaped
saucer shaped
oval
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Question # 13
Quantity of a commodity which a person is ready to purchase at a particular price, is called
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Individual demand
Market demand
Supply
Market Supply
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Question # 14
Net national product is found by
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Subtracting tax from gross national product
Subtracting transfer payments form gross national product
Subtracting depreciation allowance from gross national product
Subtracting subsidies from gross national product
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Question # 15
Which one is comparatively the most important factor ?
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Land
Labour
Capital
Organization
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Question # 16
A big change in demand and price is called:
Choose an answer
PointElasticity of demand
ArcElasticity of demand
CrossElasticity of demand
PriceElasticity of demand
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