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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
Elasticity of demand for substitute and jointly demanded goods is called
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Income elasticity
Arc elasticity
Cross elasticity
Point elasticity
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Question # 2
The additional cost which a firm has to bear in order to produce additional unit of output, are called
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Average cost
Marginal cost
Fixed costs
Variable costs
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Question # 3
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 # 4
If 50% change in demand in reposne of 50% change in price then:
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Elasticity of demand = 1
Elasticity of demand < 1
Elasticity of demand > 1
Elasticity of demand = 0
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Question # 5
The goods on which law of demand does not apply, are called
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Services
Goods and services
Giffin goods
Capital goods
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Question # 6
Number of factors of production is
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One
Two
Three
Four
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Question # 7
If face value is equal to the metal value of a coin, it is called as
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Paper money
Token money
Credit money
Standard money
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Question # 8
"Public finance is that branch of economics which studies the revenue and expenditures of governments institutions, their inter-relationship and financial administration"
This definition is stated by
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Bastable
Armitage Smith
Marshall
Pigou
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Question # 9
"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 # 10
Who did say that Economics is science of material welfare
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Adam smith
Marshall
Ricardo
Robbins
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Question # 11
Over investment and over saving theory was given by:
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Joseph Schumpeter
Habson Foster
Jevons
Hawtray
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Question # 12
MPP stand is
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Marginal price product
Marginal Physical Product
Marginal Physical Price
Marginal Perfect Price
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Question # 13
One of the following is a fixed capital:
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Raw material
Machinery
Saving certificate
None of these
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Question # 14
Demand for luxuries in
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Les elastic
More elastic
Perfectly elastic
Perfectly inelastic
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Question # 15
If demand and supply both fall in the same proportion
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Equilibrium price increases
Equilibrium price decreases
Equilibrium price does not change
Equilibrium quantity increases
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Question # 16
Under increasing return, the slope of marginal product curve is
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Positive
Negative
Infinite
Zero
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