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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
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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Question # 2
Under decreasing return, the slope of marginal product curve is
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Negative
Positive
Infinite
Zero
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Question # 3
Which side of life of human being is analysed in economics
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Political
Social
Economic
Moral
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Question # 4
Advantages of international trade are
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One
Two
Three
Many
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Question # 5
In case of fall in demand, demand curve shifts:
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Left side
Right side
Downward
Both (a) and (c)
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Question # 6
Economist who presented the first law of consumption
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Marshall
Adam smith
Robbins
Pigou
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Question # 7
A monopolist controls the supply
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Totally
Partially
More
Not at all
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Question # 8
------------ is not included in gross domestic product
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Private investment
Income received from foreign country
Depreciation allowance
Govt. investment
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Question # 9
One of the following is not monetary measure to control inflation
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Increase in bank rate
Open market operation
Increase in ratio of reserve capital
To create constant situation
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Question # 10
There exists a relationship between inflation and deflation
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Increasing
Inverse
Indirect
None of three
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Question # 11
If the rate of tax does not change with decrease or increase in the level of income, is called
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Proportional tax
Progressive tax
Regressive tax
value added tax
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Question # 12
Which factor has no pre-determined reward
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Land
Labour
Capital
Organization
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Question # 13
"Money is what money does" is the statements of:
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Robbins
Marshall
Hicks
Keynes
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Question # 14
If demand rises more proportionately than that of supply, then
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Equilibrium price increases
Equilibrium price decreases
Equilibrium price does not change
Equilibrium quantity decreases
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Question # 15
According to the law of supply, there is relation in price and supply
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Inverse
Increasing
Negative
indirect
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Question # 16
Dividing total variable costs by the units of output, is attained
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Average fixed cost
Average variable cost
Average cost
Marginal cost
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