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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
Guides finance minister for levying tax on the income of the people
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Law of demand
Law of equi marginal utility
Law of diminishing marginal utility
Law of supply
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Question # 2
The cause of extension and contraction of demand is
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Income
Price
Population
Technology
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Question # 3
Exchange of goods with goods is called
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Medium of exchange
Store of exchange
Scale of measure of exchange
Barter system
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Question # 4
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 # 5
Inflation is useful for
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Labourer
Consumers
Industrialist
Pensioners
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Question # 6
If the demand for a commodity is more elastic, then an entrepreneur in order to increase his profit
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Will increase its price
Will decrease its price
Will not change its price
None of these
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Question # 7
"Quantity of goods and services which is consumed during a year is called national income". This definition of national income is stated by the economist
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Marshall
Pigou
Adam smith
Fisher
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Question # 8
If demand for commodity X changes due to the change in price of commodity, it is called
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Cross elasticity
Price elasticity
Income elasticity
Arc elasticity
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Question # 9
Equilibrium level of national income means that point where
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Consumption = saving
Consumption = investment
Income = saving + investment
Saving = Investment
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Question # 10
One of the following is not fiscal measure to control inflation
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Decrease in public expenditures
Increase in taxes
Encouragement of savings
Increase in investment
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Question # 11
The subject matter of Macro Economics is
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Consumer's behavior
International trade
Firm's behavior
Price mechanism
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Question # 12
One of the following is not included in the public expenditures
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Courts
Fee
Public administration
Defence
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Question # 13
What is the reward of Labour ?
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Rent
Wage
Interest
Profit
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Question # 14
In which year Kenyens wrote his book "General theory of employment, interest and money
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1929
1931
1934
1936
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Question # 15
Formula method to measure elasticity of supply is related to
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Marshall
Robbins
R.G.D Allen
Flux
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Question # 16
Individual income means
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Total of incomes received from any means by the people
Total of incomes of entrepreneurs of the country
Income of a particular person
Income of a family
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