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Terminology Online Test MCQs With Answers
Question # 1
Who made the decision to name a single currency the Euro?
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European Commision
European Council
European Parliament
European Central Bank
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Question # 2
Which is the largest import Pakistan?
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Food
Petroleum
Fertilizer
Medicine
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Question # 3
An increase in price all other things unchanged leads to:
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Shift demand out outwards
Shift demand inwards
A Contraction of demand
An extension of demand
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Question # 4
A constitutionally recognized body is-
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Planning Commission
Finance commission
Forward Commission
Farmers Commission
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Question # 5
What is a 'Quasi-rents'?
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Are in the nature of free gifts
May be applicable to all factors of production
comprise of all the returns to firm in excess of the returns of the marginal firm
All the above
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Question # 6
The allocation of scarce resources and nearly all other economic activity stams form ritual habit or custom:
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Mixed economy
Capitalism
Traditional economy
communism
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Question # 7
Economic development is measured on the basis of
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Increase in nominal GNP
Increase in real GNP
Increase in personal incomes
Increase in government revenue
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Question # 8
A monopolisitically competitive firm in short run equilibrium:
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Will make negative profit (loss money)
Will make zero profit (break-even)
Will make positive profit
Any of the given are possible
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Question # 9
In the short run films t in perfect competition will still produced provided:
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The price covers averages variable cost
The Price covers variables cost
The price covers average fixed cost
The price covers fixed costs
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Question # 10
Opportunity cast of a factor is known as
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Transfer earning
Money cost
Present earning
None of the above
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Question # 11
The reason for cost push inflation is:
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Increase in money wages
Increase in rate of profit
Both of above
None of the above
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