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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
Quickly destroyable goods are called
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Superior goods
Inferior goods
Perishable goods
Giffen godds
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Question # 2
Which laws are framed by parliament
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State laws
Moral laws
Economic laws
Scientific laws
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Question # 3
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 # 4
Which one of the following is not included in the methods of measuring national income
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Method of total according to market prices
Method of total of incomes
Method of total of domestic necessities and desires
Method of total expenditures
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Question # 5
Slope of marginal utility curve is
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Positive
Negative
Vertical
Horizontal
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Question # 6
In which phase of a trade cycle national product, wages, prices and profits reach at their peak
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Recovery
Boom
Recession
Depression
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Question # 7
If the total expenditure of the consumer increases due to increase in price, then nature of elasticity of demand will be
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Equal to unity
Less than unity
More than unity
Elasticity of demand = zero
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Question # 8
On which of the following law of diminishing marginal utility is applicable
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Money and wealth
Historical articles
Normal goods of need
Narcotics
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Question # 9
Zakat means
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Growth
Purification
Tax
Both 1st and 2nd
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Question # 10
In how many parts professor Adam smith divided his book "Wealth of nations"
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Two
Three
Four
Five
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Question # 11
According to quantity theory of money doubling the quantity of money, prices
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Increase
Double
Decrease
One half
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Question # 12
When demand for a commodity changes due to the change in price of some other commodity, it is called
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Point elasticity
Arc elasticity
income elasticity
cross elasticity
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Question # 13
One of the following is not the cause of deflation
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Decrease in demand for goods
Decrease in consumption
Increase in quantity of money
Increase in supply of goods
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Question # 14
If total expenditure of the consumer decreases due to increase in price, then nature of elasticity of demand will be
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Equal to unity
Less than unity
More than unity
Elasticity of demand = zero
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Question # 15
During depression, a government prepares budget which is
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Balanced
Surplus
Deficit
Unbalanced
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Question # 16
Average revenue is equal to
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Price
Total revenue
Marginal revenue
Average cost
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