Question # 1

Who said that you can not become good citizen if you have no economist with you

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Marshall

Pigou

Keynes

Voton

Law of decreasing return is immediately applied on

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Agriculture

Trade

Industry

Construction

In how many parts professor Adam smith divided his book "Wealth of nations"

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Two

Three

Four

Five

In mathematics, symbol for utility is used

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U

M

X

Y

If the income of the government is less than its expenditures, such budget is called

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Surplus budget

Deficit budget

Balanced budget

Capital budget

Economics is a science:

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Political

Spiritual

Social

Scientific

If supply of a commodity changes by less than 10% due to a 10% change in its price, then elasticity of supply will be

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Equal to unity

More than unity

Less than unity

Zero

Notes and coins are legal tender money because

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Government keeps gold and silver in their exchange

They are issued by the commercial banks

They are issued by the central bank

People are bound to accept them

One of the following is not included in labour

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Teaching of a teacher in a school

Working of a clerk in an office

To follow a case by a lawyer

To look after the child by his mother

Who said that economics is the science of wealth ?

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Adam Smith

Robbins

Marshall

Pigou

According to Neo Classical economists, Economics is science of

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Scarcity of means

Material welfare

Wealth

Unlimited wants

Shape of market supply curve is

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Horizontal or parallel to ox curve

Vertical or parallel to oy curve

Positively sloping

Negatively sloping

Demand for good like Television and VCR is

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Less elastic

More elastic

Perfectly inelastic

Infinitely elastic

The trade that takes place between the individuals living in different areas of a country is called

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Domestic trade

International trade

Foreign trade

Regional Trade

Because of devaluation of currency of a country, its exports

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Decrease

Increase

Remains constant

Go on changing

Who did write the book named "Principles of Economics" was written

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Adam smith

Marshall

Robbins

Cannon

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Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers

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