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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
Difficulties in barter system:
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Lack of double coincidence of wants
Lack of storing value
Lack of common measure of value
All of these
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Question # 2
MPP stand is
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Marginal price product
Marginal Physical Product
Marginal Physical Price
Marginal Perfect Price
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Question # 3
Inflation can be controlled by:
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Fiscal policy
Monetary policy
Trade policy
Both a and b
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Question # 4
If two goods are complimentary, cross Elasticity of demand will be:
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Zero
Infinite
Positive
Negative
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Question # 5
Movement on the same demand curve is called:
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Increase is demand
Rise and fall in demand
Decrease in demand
Expansions and contraction in demand
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Question # 6
Average product is maximum, when marginal product curve ______ average product curve
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Intersects falling
Intersect rising
Is above
Is below
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Question # 7
Which is not studied in macro economics ?
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National income
Money and banking
Consumer's behavior
Public finance
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Question # 8
If demand curve is parallel to y-axis, then elasticity of demand is
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Equal to unity
More than unity
Less than unity
Zero
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Question # 9
Market value of all final goods and services is known as:
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N.I
G.N.P
N.N.P
Both a and b
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Question # 10
Not acting upon economic laws
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One gets punishment
Economy faces loss
Only the people not acting, face loss
No one is influenced
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Question # 11
Inductive method represents:
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General to particular
Particular to general
Normative science
Economic planning
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Question # 12
MRP curve is slopping:
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Negative
Positive
Downward
Both a and c
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Question # 13
Utility attained by consuming an additional or last unit of a commodity
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Positive utility
Negative utility
Zero utility
Marginal utility
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Question # 14
Usually market price is ____________ normal price
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Equal to
Less than
More than
None of these
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Question # 15
The difference between total revenue (TR) and total cost (TC) is called
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Loss
Profit
Profit or loss
Utility
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Question # 16
When total revenue is maximum, marginal revenue is
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More
Less
Constant
Zero
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