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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
A monopolist firm usually earns
Choose an answer
Normal profit
Abnormal profit
Minimum loss
Abnormal loss
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Question # 2
Walker, senior and Malthus belonged to school of thought
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Classical
Neo classical
Keynesian
None of these
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Question # 3
According to law of diminishing marginal utility, Utility of every new (Additional) unit of commodity
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Increases
Decreases
Remains constant
None of these
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Question # 4
Absolute advantage theory was presented by
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Adam Smith
Prof Walker
Ricardo
Marshall
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Question # 5
Founder of modern school of thought:
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Adam smith
Marshall
Ricardo
Robbins
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Question # 6
According to which economist, it is difficult to find marginal product
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Robbins and Keynes
Marshall and pigou
Adam Smith and Mathuls
Taussing and Davenport
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Question # 7
What is meant by demand for a commodity in economics
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To desire for a commodity
To have power to buy
To have power to buy a commodity with desire
Quantity of a commodity
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Question # 8
Economic law are made by:
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Govt.
Courts
Parliament
Behaviour of the people
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Question # 9
The money whose face value and intrinsic value are equal, is called
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Token money
Standard money
Paper money
Credit money
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Question # 10
Degree of change in quantity supplied due to change in price is called
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Extension of supply
Rise of supply
Elasticity of supply
None of three
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Question # 11
Basic object of a firm is to get maximum:
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Price
Profit
Production
All of three
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Question # 12
When demand and supply rise equally then equilibrium price
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isles
is more
Remains the source
Zero
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Question # 13
Who said that economics is normative science ?
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Keynes
Robbins
Marshall
Rocher
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Question # 14
Founder of Classical school of thought was:
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Adam smith
Marshall
Robbins
Keynes
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Question # 15
If percentage change in supply is less than the percentage change in price, then elasticity of supply is called
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Equal to unity
Less than unity
More than unity
Zero
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Question # 16
If two goods are substitute, cross Elasticity of demand will be:
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Zero
Infinite
Positive
Negative
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