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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
Desire + Purchasing power is equal to:
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Demand
Supply
Income
Utility
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Question # 2
"National income is that part of material wealth of a nation which can be measured by the scale of money" This definition of national income is stated by the economist
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Marshall
Pigou
Adam smith
Clark
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Question # 3
Economics is a science
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Political
Spiritual
Social
Scientific
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Question # 4
The average duration of trade cycle is:
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Five years
Fifty years
Twenty years
Ten years
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Question # 5
What is money
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Coins of gold and silver
Paper money
Agricultural crops
Everything which can be used as a medium of exchange
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Question # 6
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 # 7
Elasticity of demand for substitute and jointly demanded goods is called
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Income elasticity
Arc elasticity
Cross elasticity
Point elasticity
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Question # 8
------------------- are added in national income
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Depreciation allowance
Subsidies
Indirect taxes
Direct taxes
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Question # 9
In case of international trade, trade restrictions are usually
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Limited
More
Too much
None of three
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Question # 10
What is meant by demand for a commodity in economics
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To desire for a commodity
To have power to buy
To have power to buy a commodity with desire
Quantity of a commodity
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Question # 11
Other tern used for demand for factor is:
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Initial demand
derived demand
Direct demand
Cross demand
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Question # 12
Kinds of supply according to period of time are
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Two
Three
Four
Five
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Question # 13
Which is not studied in micro economics
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Theory of consumer behavior
Price theory
Theory of money
Theory of distribution of wealth
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Question # 14
Firms earn abnormal profit when:
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AR = AC
AR < AC
AR > AC
AC = AR
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Question # 15
Law of equi-marginal utility is also known as:
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Total utility maximizing law
Law of substitution
Law of indifference
All of them
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Question # 16
If demand for commodity X changes due to the change in price of commodity, it is called
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Cross elasticity
Price elasticity
Income elasticity
Arc elasticity
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