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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
Absolute advantage theory was presented by
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Adam Smith
Prof Walker
Ricardo
Marshall
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Question # 2
There exists a relationship between inflation and deflation
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Increasing
Inverse
Indirect
None of three
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Question # 3
Self owned resources are known as:
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Implicit cost
Explicit cost
Opportunity cost
Sunk cost
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Question # 4
In perfect competition number of firms is
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One
Two
A few
Large
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Question # 5
Who did give economics the status of positive science
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Marshall
Robbins
Cannon
Pareto
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Question # 6
Transfer payment means:
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Rent transfer
Wages transfer
Reward without services
Profit transfer
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Question # 7
If the rate of tax increase with the increase of level of income, is called
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Progressive tax
Proportional tax
Regressive tax
Value added tax
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Question # 8
Under monopoly average revenue curve remains ______ the marginal revenue curve
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Below
Above
Parallel to
None of three
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Question # 9
Law of increasing return is more applicable in:
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Trade sector
Industrial sector
Agricultural sector
Power sector
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Question # 10
Reserve price of a commodity is that price
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Which is more than the cost of production of the seller
At which the seller sells his commodity tn the market
Which is equal to the cost of production of the seller
Below which the seller is not ready to sell his commodity
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Question # 11
Zakat is part of the present income
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20th
30th
40th
50th
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Question # 12
The tax which is levied on the sale of goods is called
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Income tax
Property tax
Gift tax
Sales tax
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Question # 13
If there are large number of firms in some particular industry, then situation is called
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Perfect competition
Imperfect competition
Monopoly
Monopolistic competition
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Question # 14
The tax whose burden can be shifted to the customers, is called
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Proportional tax
Progressive tax
Direct tax
Indirect tax
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Question # 15
One of the following is not disadvantage of international trade
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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 # 16
The costs which increase with the increase in output and decrease with the decrease in output, are called
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Variable costs
Fixed costs
Average costs
Marginal cost
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