Question # 1

What type of nature of Zakat is

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Fixed

Non fixed

Elastic

Changes along with the change in income

If a person does not pay the amount of the tax from his own pocked on whom it is levied rather shifts its barden on some other person, then it is called

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Direct tax

Indirect tax

Proportional tax

Progressive tax

If an entrepreneur does service, in economics it is called

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Organization

Discipline

Labour

Wage

Micro economics related to

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International trade

Behavior of firm

National income

Personal income

Income received without any economic services:

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National Income

Transfer payments

Interest

Profit

In which year international monetary fund was established:

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1941

1944

1945

1947

If supply is fixed then due to fall of demand

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Equilibrium price decreases

Equilibrium quantity increases

Equilibrium price increases

Equilibrium price does not change

The interaction of multiplier and accelerator is known as:

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Innovation theory

Modern theory

Psychological theory

Over investment theory

Economics according to its scope is

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Science

Art

Science & Art

Only positive science

In law of increasing cost, marginal cost

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Increases

Decreases

Remains constant

Remains fixed

The goods which are jointly demanded to satisfy a want, are called

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Complimentary goods

Substitute goods

Alternative goods

inferior goods

River, sea, forests, rain are called

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Land

Labour

Capital

Organization

How many kinds are of positive economics

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Two

Three

Four

Five

On which amount Zakat is payable

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Twenty thousand rupees

On the amount equal to the value of 7.5 tola gold or 52.5 tola silver

On fifty thousand rupees

On one lac rupees

The kind of market, in which a single firm produces a single commodity which has no close substitute

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Monopoly

Duopoly

Oligopoly

Perfect competition

If supply of a commodity is fixed, it is called

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Market supply

Short period supply

Long period supply

Middle period supply

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Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers

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