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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
Direct taxes are not included in:
Choose an answer
Personal income
G.N.P
G.D.P
Disposable personal income
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Question # 2
The goods on which law of demand does not apply, are called
Choose an answer
Services
Goods and services
Giffin goods
Capital goods
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Question # 3
What is the reward of Organization ?
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Rent
Wage
Interest
Profit
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Question # 4
Over investment theory is presented by
Choose an answer
Pigou
Hawtray
Hayek, Mises and Cassel
Prof Jugglar
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Question # 5
If price decreases but supply remains constant, it is called:
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Fall in supply
Contraction in supply
Expansion in supply
Rise in supply
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Question # 6
One of the following is not fiscal measure to control inflation
Choose an answer
Decrease in public expenditures
Increase in taxes
Encouragement of savings
Increase in investment
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Question # 7
Which one of the following does not exist during deflation
Choose an answer
Production decreases
Value of money increases
Supply of goods and services increases from their demand
Level of employment increases
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Question # 8
Private owners of minerals are bound to pay --------- Zakat of their production
Choose an answer
10%
15%
20%
25%
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Question # 9
Advantages of international trade are
Choose an answer
One
Two
Three
Many
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Question # 10
If the demand for commodity being produced increases, then a firm in the short run ------- its variable factors
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Increases
Decreases
Keeps the same
None of three
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Question # 11
One of the following is not disadvantage of international trade
Choose an answer
Dependence on production of limited goods
Supply of goods injurious to health
Bitter pill for political freedom
Development of civilization & culture
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Question # 12
Study of small units of the economoy is known is:
Choose an answer
Micro economics
Macro economics
Applied economics
All of them
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Question # 13
Elasticity of supply if perishable goods is
Choose an answer
Equal to unity
More than unity
Less than unity
Zero
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Question # 14
One of the following is not the assumption of quantity theory of money
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Velocity of circulation of legal money should not change
Velocity of Circulation of credit money should not change
Quantity of hoardings should not change
Quantity of goods and services should go on changing
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Question # 15
In which year the book named "Principles of Economics" was written
Choose an answer
1805
1890
1903
1915
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Question # 16
At shut down position:
Choose an answer
AC = AR
AVC = AR
AVC < AR
AVC > AR
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