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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
In which punishment is not applicable for the disobedience, the laws are
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Moral laws
Laws of state
Political laws
Economic laws
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Question # 2
Reward of Land is called.
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Rent
Wage
Interest
Profit
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Question # 3
If 50% change in demand in reposne of 50% change in price then:
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Elasticity of demand = 1
Elasticity of demand < 1
Elasticity of demand > 1
Elasticity of demand = 0
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Question # 4
Dividing total variable costs by the units of output, is attained
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Average fixed cost
Average variable cost
Average cost
Marginal cost
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Question # 5
The second name of law of decreasing return is
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Law of increasing cost
Law of constant cost
Law of decreasing cost
Law of cost
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Question # 6
When there is big change in demand and price of a commodity, it is called
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Point elasticity
Arc elasticity
Cross elasticity
Income elasticity
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Question # 7
Under monopoly, in the long run a firm
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Earns normal profit
Earns abnormal profit
Bears minimum loss
Bears abnormal loss
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Question # 8
Which laws are framed by parliament
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State laws
Moral laws
Economic laws
Scientific laws
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Question # 9
When marginal utility is positive, total utility:
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Decreases
Increases
Zero
All of them
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Question # 10
The trade that takes place between the individuals living in different areas of a country is called
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Domestic trade
International trade
Foreign trade
Regional Trade
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Question # 11
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 # 12
"Money is a thing by which payments of agreements of borrowing and pricing are made and general purchasing power is stored in it." This definition of money is stated by the economist
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Prof Marshall
Prof Walker
Prof Keynes
Prof Crowther
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Question # 13
The most appropriate definition of money was given by:
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F.A.Walker
Keynes
Pigou
Crowther
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Question # 14
The whom individuals Marshal included in definition of economics
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Service of teachers
People living in forests
Trading professionals
People living in caves
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Question # 15
The money in which payment can be made only to certain extent is called
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Unlimited legal tender money
Limited legal tender money
Metallic money
Paper money
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Question # 16
Prof Fisher presented quantity theory of money in the form of an equation in
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1905
1911
1915
1917
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