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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
Inductive method of deriving economic laws
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We move from general conditions to particulars conditions
We move from particular conditions to general conditions
Facts are stated in simple and easy way
Stated in general way
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Question # 2
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 # 3
Equilibrium means
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the condition that is not possible
an unstable condition
a condition that can change
stable position
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Question # 4
Immortal factor production is
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Land
Labour
Capital
Organization
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Question # 5
MRP curve is slopping:
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Negative
Positive
Downward
Both a and c
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Question # 6
The rate of usher on product of canal land is
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5%
10%
20%
2.5%
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Question # 7
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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Question # 8
Who said that you can not become good citizen if you have no economist with you
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Marshall
Pigou
Keynes
Voton
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Question # 9
In the long run monopolist earns profit:
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Normal
Abnormal
Super normal
Both b and c
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Question # 10
The power of a good or service to satisfy a human want is called:
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Value
Price
Utility
All of them
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Question # 11
Feature of a commodity to satisfy human want, is called
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Value
Usefulness
Utility
Wealth
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Question # 12
The relationship between price and quantity supplied is:
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Inverse
Positive
Infinite
Zero
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Question # 13
To derive economic laws deductive method was adopted by
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Classical school of thought
Neo classical school of thought
Historical school of thought
Modern school of thought
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Question # 14
Other things remaining the same, marginal utility of a commodity diminishes with its continuous consumption. This law is called
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Law of diminishing marginal utility
Law of equi marginal utility
Law of demand
Law of decreasing return
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Question # 15
In law of decreasing cost, marginal cost
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Increases
Decreases
Remains constant
Does not change
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Question # 16
"Public finance is that branch of economics which studies the revenue and expenditures of governments institutions, their inter-relationship and financial administration"
This definition is stated by
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Bastable
Armitage Smith
Marshall
Pigou
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