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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
Supply curve slope is:
Choose an answer
Positive
Vertical
Negative
Horizontal
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Question # 2
If an entrepreneur does service, in economics it is called
Choose an answer
Organization
Discipline
Labour
Wage
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Question # 3
Who is the Founder of macro economics ?
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Marshall
Malthus
Adam smith
Keynes
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Question # 4
One of the following is not included in the public expenditures
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Courts
Fee
Public administration
Defence
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Question # 5
Net National product is equal to
Choose an answer
GNP + Depreciation expenditure
GDP + Depreciation expenditure
GNP - Depreciation expenditure
GDP - Depreciation expenditure
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Question # 6
MRP curve is slopping:
Choose an answer
Negative
Positive
Downward
Both a and c
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Question # 7
To derive economic laws inductive method was adopted by
Choose an answer
Classical school of thought
Neo classical school of thought
Historical school of thought
Modern school of thought
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Question # 8
One of the following is not the fiscal measure to control inflation
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Decrease in public expenditures
Increase in the value of money
Increase in taxes
Encouragement of saving
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Question # 9
The revenue collection of government and spending policy is called
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Monetary policy
Fiscal policy
commercial policy
Labour policy
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Question # 10
Price of perishable goods is determined in:
Choose an answer
Very short period
Very long period
Day to Day
Both (a) and (c)
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Question # 11
"Public finance deals with governments revenue and expenditure and it studies how government maintains balance between its revenue and expenditures"
This definition is stead by
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Dalton
Armitage Smith
Bastable
pigou
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Question # 12
Demand for Giffen goods is:
Choose an answer
Negative
Vertical
Positive
All of them
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Question # 13
According to Prof. Jugglar a trade cycle comletes in
Choose an answer
Five to six years
Nine to ten years
Ten to eleven years
Eleven to twelve years
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Question # 14
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 # 15
The name of first law of consumption is
Choose an answer
Law of demand
Law of diminishing marginal utility
Law of equi marginal utility
Law of supply
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Question # 16
Adam Smith presented the basic canons of taxation
Choose an answer
Two
Three
Four
Five
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