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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
One of the following is not the monetary measure to control inflation
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Increase in bank rate
Open market operation
Increase in the ratio of reserve capital of the banks
Increase in taxes
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Question # 2
Factors of production are:
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Two
Three
Four
Five
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Question # 3
A firm earns normal profit
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When price of the commodity is equal to average cost
When price of the commodity is more than average cost
When price of the commodity is less than average cost
When total revenue is more than total costs
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Question # 4
Comparative cost theory was presented by
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Marshall
Ricardo
Hecksher
Ohlin
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Question # 5
If income of government is less than its expenditures, then it is a
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Surplus budget
Deficit budget
Development budget
Balanced budget
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Question # 6
Marginal revenue product is the amount of money attained by selling:
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Average product
Marginal product
Total product
Total cost
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Question # 7
Who did write the book named "Nature and importance of economics"
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Adam smith
Marshall
Robbins
Keynes
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Question # 8
The science in which conditions and incidents are checked from a particular point of view, is called
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Positive science
Normative science
Social science
All of three
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Question # 9
Kinds of credit money are
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Verbal promise and written promise
Govt. securities & debentures
Cheque & Drafts
Share of Companies
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Question # 10
Equilibrium price is determined where:
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D = S
D > S
D < S
Both (b) and (c)
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Question # 11
One of the following is not include in national income:
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Transfer payments
Depreciation
Wages
Both a and b
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Question # 12
Supply of the one of the following is not fixed:
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Vegetable
Fruit
Milk
Motor bike
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Question # 13
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 # 14
Private individuals can get loan from
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Their relatives, friends and domestic financial institutions
Foreign financial agencies
Foreign government
International financial institutions
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Question # 15
Utility of a commodity is zero, when
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Want is satisfied upto a certain extent
Want is fully satisfied
Utility is positive
Want is not satisfied
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Question # 16
Payment of zakat is compulsory for ----------- living in Islamic Country
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Every person
Every Muslim
Only Poor Muslim
Only Sahib-e-Nisab Muslim
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