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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
If total expenditure of the consumer increases due to decrease in price, then nature of elasticity of demand will be
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Equal to unity
Less than unity
More than unity
Elasticity of demand = zero
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Question # 2
The tax whose burden can be shifted to the customers, is called
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Proportional tax
Progressive tax
Direct tax
Indirect tax
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Question # 3
Production of an additional unit of factor refers to:
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AP
TP
MP
MR
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Question # 4
Economic problem arises because human wants
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Are unlimited
Are limited
Do not exists
None of three
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Question # 5
If a monopolist wants to increase the sale of its product, it will have to --------- the price of its good
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Decrease
Increase
Keep constant
None of the three
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Question # 6
Who did give economics the status of positive science
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Marshall
Robbins
Cannon
Pareto
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Question # 7
Which one factor is free gift of nature ?
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Land
Labour
Capital
Organization
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Question # 8
Methods of deriving economic laws are
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Two
Three
Four
Five
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Question # 9
Over investment theory is presented by
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Pigou
Hawtray
Hayek, Mises and Cassel
Prof Jugglar
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Question # 10
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 # 11
The base of international trade theory of Adam Smith is
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Absolute advantage
Comparative cost
Cheaper cost
Low cost
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Question # 12
Points of Robbins definition are
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Two points
Four points
Economic points
Practical points
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Question # 13
Who did separate economics from political science for the first time
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Marshall
Malthus
Adam smith
Ricardo
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Question # 14
In private finance the individuals estimate their income and expenditures
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Daily
Weekly
Monthly
Yearly
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Question # 15
In case of perfectly elastic supply or infinite elasticity of supply, supply curve is
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Horizontal (parallel to x-axis)
Vertical (parallel to y-axis)
Positive sloped
Negative sloped
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Question # 16
National income means the income
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Which central government earns during a year
Which provincial government earn during a year
Total wealth of a country
Rewards which the factors of production get during a year
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