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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
Number of beneficiaries of Zakat is stated in the holy Quran
Choose an answer
Five
Seven
Eight
Nine
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Question # 2
One of the following precautions is not included in measurement of national income by product method
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To subtract depreciation allowance
To subtract indirect taxes
Not to include transfer payments
To include subsidies
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Question # 3
Price discrimination policy refers to:
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Single price
Two prices
Multiple prices
None of these
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Question # 4
In law of decreasing cost, marginal cost
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Increases
Decreases
Remains constant
Does not change
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Question # 5
Comparative cost theory is also called
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Theory of comparison cost
Theory of specialization of cost
Theory of balanced cost
Theory of specialization of production
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Question # 6
If the demand for commodity being produced increases, then a firm in the short run ------- its variable factors
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Increases
Decreases
Keeps the same
None of three
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Question # 7
The budget period in public finance is
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six months
one year
two years
five years
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Question # 8
In mathematics, symbol for utility is used
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U
M
X
Y
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Question # 9
Methods to derive economic laws:
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One
Two
Three
Four
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Question # 10
Which factor is helpful for earning more income ?
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Land
Labour
Capital
Organization
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Question # 11
The cause of rise and fall of demand is
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income
price
population
Both 1st and 3rd
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Question # 12
What is deducted from the GNP to get GDP
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Depreciation allowances
Net income received from abroad
Indirect tax
Transnfer payments
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Question # 13
The costs which a firm bear only in case of producing commodities
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Fixed costs
Variable costs
Total costs
Average fixed cost
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Question # 14
Phases of trade cycle are:
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Three
Four
Five
Six
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Question # 15
On which of the following law of diminishing marginal utility is applicable
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Money and wealth
Diamonds and jewels
Goods of fashion
Necessities of life
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Question # 16
If demand falls more proportionately then that of supply then
Choose an answer
Equilibrium price increases
Equilibrium price decreases
Equilibrium price does not change
Equilibrium quantity increases
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