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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
Monopolist firm in the long run
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Always faces loss
Usually faces loss
Usually earns normal profit
Always earns abnormal profit
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Question # 2
Which laws are definite and universal
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Economic laws
Moral laws
State laws
Scientific laws
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Question # 3
Micro economics related to
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International trade
Behavior of firm
National income
Personal income
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Question # 4
When average cost falls, marginal cost is - - - - - - average cost
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Less than
More than
Equal to
None of three
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Question # 5
A slight change in demand and price is called:
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Point Elasticity of demand
ArcElasticity of demand
CrossElasticity of demand
PriceElasticity of demand
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Question # 6
Second name of unitary method is
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Method of total satisfication
total expenditure method
total revenue method
Both 2nd and 3rd
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Question # 7
Supply of perishable goods e.g. groceries, fruit, meat etc is
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Less elastic
More elastic
Perfectly inelastic
Perfectly elastic
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Question # 8
Inflation will be useful for
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Labourers
Consumers
Penioners
Industrialist
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Question # 9
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 # 10
When supply changes due to other factors besides price, it is called
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Rise of supply
Fall of supply
Rise and fall of supply
Extension and contraction of supply
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Question # 11
When supply increases due to other factors besides price, it is called
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Extension of supply
Contraction of supply
Rise of supply
Fall of supply
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Question # 12
When supply increases due to rise 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 # 13
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 # 14
The main cause of using the Cheque as money is
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They are proved as receipt
Most of the people accept them
Protection of money
Easy in transportation
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Question # 15
Which one of the following was the difficulty of barter system
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Abundance of goods
Lack of double coincidence of wants
Difference of language
difference of occupations
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Question # 16
It was impossible under barter system
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Lack of coincidence of wants
Lack of common measure of value
Divisibility of some goods in small parts
Solution of all the said problems
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