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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
Demand for Giffen goods is:
Choose an answer
Negative
Vertical
Positive
All of them
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Question # 2
Which one of the following is not included in the methods of measuring national income
Choose an answer
Method of total according to market prices
Method of total of incomes
Method of total of domestic necessities and desires
Method of total expenditures
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Question # 3
Which is not studied in macro economics
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National income
Money and banking
Price theory
Public finance
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Question # 4
Marginal utility always:
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Decreases
Increases
Zero
Negative
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Question # 5
"Anything which is generally accepted as a medium of exchange and also performs the functions of standard of value and a store of value is money"
This definition of money is stated by
Choose an answer
Prof Walker
Prof Marshall
Prof Crowther
Prof Pigou
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Question # 6
Word of economics has been derived from "Oikonomos" which is word of the language
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French
Latin
Russian
None of them
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Question # 7
In case of horizontal supply curve, Es is:
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Mero than unity
Less than unity
Zero
Infinite
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Question # 8
Under perfect competition in the long run a firm
Choose an answer
Always earns abnormal profit
Always earns normal profit
Usually earns abnormal profit
Usually faces loss
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Question # 9
If supply does not change, then due to rise of demand
Choose an answer
Equilibrium price increases
Equilibrium price decreases
Equilibrium price does not change
Equilibrium quantity decreases
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Question # 10
If we deduct direct taxes from personal income, we get:
Choose an answer
NNP
GDP
DPI
PI
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Question # 11
Absolute advantage theory was presented by
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Adam Smith
Prof Walker
Ricardo
Marshall
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Question # 12
Inflation is useful for
Choose an answer
Labourer
Consumers
Industrialist
Pensioners
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Question # 13
Economics according to its scope is:
Choose an answer
Science
Art
Science & Art
Only positive science
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Question # 14
When Ac is rising:
Choose an answer
AC = MC
MC > AC
MC < AC
Both (b) and (c)
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Question # 15
Over investment theory is presented by
Choose an answer
Pigou
Hawtray
Hayek, Mises and Cassel
Prof Jugglar
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Question # 16
Advantages of international trade are
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One
Two
Three
Many
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