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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
In monopoly, when total revenue of a firm is maximum, then its marginal revenue is
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Maximum
Minimum
Zero
Negative
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Question # 2
Average revenue is equal to
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Price
Total revenue
Marginal revenue
Average cost
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Question # 3
The record of visible and invisible items on international account is called
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Balance of payment
Balance of trade
Balance of budget
Capital account
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Question # 4
Dividing total revenue by the sold units of output, is attained
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Average revenue
Marginal revenue
Total revenue
Average cost
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Question # 5
Income received without any economic services:
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National Income
Transfer payments
Interest
Profit
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Question # 6
Equilibrium level of national income means that point where
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Consumption = saving
Consumption = investment
Income = saving + investment
Saving = Investment
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Question # 7
"A trade cycle is completed in three years four months" This is stated by
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Prof Kitchen
Prof Jugglar
Prof Jevons
Prof Pigou
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Question # 8
Equilibrium price is determined where:
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D = S
D > S
D < S
Both (b) and (c)
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Question # 9
Government needs public finance
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For the defence of frontiers
To maintain law and order in the country
For the payment of salaries of government employees
For the welfare of the people
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Question # 10
Which book is named "Bible of Capitalism"
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Wealth of nations
Das capital
Principles of economics
General theory of employment, interest and money
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Question # 11
In order to satisfy some wants, more than one commodities are needed. Demand for such commodities is called
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Joint demand
Composite demand
Derived demand
Direct demand
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Question # 12
Organization means an individual or institution which with optimum factor combination
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Lays foundation of business always earning profit
Lays foundation of business but does not accept the responsibility of profit and loss
Lays foundation of business but accepts the responsibility of profit and loss
Serves as a manger in the business and receives remuneration
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Question # 13
The trade that takes place between the inhabitants of two countries is called
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Domestic trade
International trade
National trade
Regional Trade
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Question # 14
Who did separate economics from political science for the first time
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Marshall
Malthus
Adam smith
Ricardo
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Question # 15
______ is not considered perfect money
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Note of ten rupees
Note of hundred rupees
Piece of silver
Note of one thousand rupees
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Question # 16
The base of international trade theory of Devid Ricardo is
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Absolute advantage
Comparative cost
Cheaper cost
Low cost
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