More Classes
5th Class
6th Class
7th Class
8th Class
9th Class
10th Class
11th Class
12th Class
NAT I
NAT II
CSS
IQ
General Knowledge
MDCAT
ECAT
GAT General
GAT Subject
Other Links
Go to Home
Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
Price of perishable goods is determined in:
Choose an answer
Very short period
Very long period
Day to Day
Both (a) and (c)
Previous
Skip
Next
Question # 2
In macro economics, what kind of problems can be discussed
Choose an answer
International trade
Consumers behavior
Problems of a firm
Determination of price
Previous
Skip
Next
Question # 3
In the market period supply is:
Choose an answer
Variable
Fixed
Zero
Positive
Previous
Skip
Next
Question # 4
The percentage part of the agricultural produce is payable as Zakat which is irrigated by artificial sources
Choose an answer
5%
10%
15%
20%
Previous
Skip
Next
Question # 5
Quantity of a commodity which a person is ready to purchase at a particular price, is called
Choose an answer
Individual demand
Market demand
Supply
Market Supply
Previous
Skip
Next
Question # 6
Who is father of economics
Choose an answer
Marshall
Malthus
Adam smith
Cannon
Previous
Skip
Next
Question # 7
The base of international trade theory of Devid Ricardo is
Choose an answer
Absolute advantage
Comparative cost
Cheaper cost
Low cost
Previous
Skip
Next
Question # 8
Demand for the commodities whose use can be postponed is
Choose an answer
Less elastic
More elastic
Perfectly inelastic
infinitely elastic
Previous
Skip
Next
Question # 9
TU is maximum where MU of all goods is:
Choose an answer
Minimum
Maximum
Negative
Equal
Previous
Skip
Next
Question # 10
Transfer payments are included in
Choose an answer
Gross domestic income
National income
Disposable personal income
Personal income
Previous
Skip
Next
Question # 11
To derive economic laws inductive method was adopted by
Choose an answer
Classical school of thought
Neo classical school of thought
Historical school of thought
Modern school of thought
Previous
Skip
Next
Question # 12
Equilibrium level of national income means that point where
Choose an answer
Consumption = saving
Consumption = investment
Income = saving + investment
Saving = Investment
Previous
Skip
Next
Question # 13
Monetary theory of trade cycle was given by:
Choose an answer
Joseph Schumpeter
Habson Foster
Jevons
Hawtray
Previous
Skip
Next
Question # 14
Notes and coins are legal tender money because
Choose an answer
Government keeps gold and silver in their exchange
They are issued by the commercial banks
They are issued by the central bank
People are bound to accept them
Previous
Skip
Next
Question # 15
Measurement of arc elasticity of demand was present:
Choose an answer
Keynes
Marshall
Adam smith
R.G.D Allen
Previous
Skip
Next
Question # 16
The money in which payment can be made only to certain extent is called
Choose an answer
Unlimited legal tender money
Limited legal tender money
Metallic money
Paper money
Previous
Skip
Next
Question # 17
In mathematics, symbol for utility is used
Choose an answer
U
M
X
Y
Previous
Skip
Next
Question # 18
Who did name economics as science of satisfying unlimited wants with limited means
Choose an answer
Marshal
Adam Smith
Robbins
Pigou
Previous
Skip
Next
Back