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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
Price of perishable goods is determined in:
Choose an answer
Very short period
Very long period
Day to Day
Both (a) and (c)
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Question # 2
International Monetary fund is
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Local
Regional
National
International
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Question # 3
Concept of equilibrium level of national income in comprehensive way was presented by
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Professor keynes
Professor Marshall
Professor hicks
Professor Lipsay
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Question # 4
If supply does not change, then due to fall of demand
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Equilibrium price decreases
Equilibrium price increases
Equilibrium price does not change
Equilibrium quantity increases
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Question # 5
The rate of usher on product of canal land is
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5%
10%
20%
2.5%
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Question # 6
Income elasticity of demand is concerned with
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Income and consumption of wealth
Income and demand for good
Price and income of the consumer
Price and demand for good
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Question # 7
River, sea, forests, rain are called
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Land
Labour
Capital
Organization
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Question # 8
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 # 9
When price decreases, supply
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Extends
Contracts
Becomes zero
Remains fixed
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Question # 10
When total production is maximum, marginal product is:
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Positive
Negative
Zero
Infinite
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Question # 11
Under decreasing return, the slope of marginal product curve is
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Negative
Positive
Infinite
Zero
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Question # 12
Which statement is called subject matter of economics
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Problems of working individuals and their solution
Planning of increase in production
Unlimited wants and limited means
Solution of problems of the individuals living away from the society
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Question # 13
The ratio of change in income to change in investment is known as:
Choose an answer
Multiplier
Accelrator
MEC
Both a and b
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Question # 14
Firm's cost depends upon:
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Revenue
Supply
Price
Output
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Question # 15
According to which economist, utility is measureable
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Marshall
Adam smith
Robbins
Keynes
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Question # 16
Firms equilibrium is at that point where
Choose an answer
MC=AR
MC=MR
MC=AVC
MC=AC
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