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This online test contains MCQs about following topics:
. Economics is a Science of wealth . Economics is a Science of Material Welfare . Economics is a Science of Scarcity and Choice . Coparison of the definitions of Marshall and Robbins . Scope of Economics . Subject matter of economics . Individual or collective behaviour . Question of likes or diklikes of wants| . Economics Law
ICOM Part 1 Economics Ch 1 Test
ICOM Part 1 English Medium Subjects
ICOM Part 1 Urdu Medium Subjects
MCQ's Test For Chapter 1 "Principles of Economics Icom Part 1 English Medium Chapter 1 Online Test"
Try The MCQ's Test For Chapter 1 "Principles of Economics Icom Part 1 English Medium Chapter 1 Online Test"
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Total Questions15
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Time Allowed20
Principles of Economics Icom Part 1 English Medium Chapter 1 Online Test
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Question # 1
Who said that economics is science of unlimited wants and limited means
Question # 2
In how many parts professor Adam smith divided his book "Wealth of nations"
Question # 3
The non-material activities which have the ability to satisfy human wants indirectly, are called
Question # 4
Factors of production are:
Question # 5
Who is called founder of modern school of thought
Question # 6
Adam Smith belongs to:
Question # 7
The science in which conditions and incidents are checked from a particular point of view, is called
Question # 8
Laws which reflect religion of society
Question # 9
Founder of Classical school of thought was:
Question # 10
The goods which are directly consumed by the human-being, are called
Question # 11
Inductive method of deriving economic laws
Question # 12
Which book is named "Bible of Capitalism"
Question # 13
The whom individuals Marshal included in definition of economics
Question # 14
Walker, senior and Malthus belonged to school of thought
Question # 15
Who said that economics is normative science ?
Prepare Complete Set Wise Chapter 1 "Principles of Economics Icom Part 1 English Medium Chapter 1 Online Test" MCQs Online With Answers
11th Principle of Economics Chapter 1 Test
Here you can prepare 11th Principle of Economics English Medium Chapter 1 Definition of Economics Test. Click the button for 100% free full practice test.
Top Scorers Of Chapter 1 "Principles of Economics Icom Part 1 English Medium Chapter 1 Online Test" MCQ`s Test
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M Musa Aziz 07 - May - 2026 01 Min 28 Sec 15/15 -
S Sohaib Rana 26 - Jun - 2026 01 Min 59 Sec 15/15 -
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N Nazish Shakeel 15 - Apr - 2026 02 Min 57 Sec 14/15 -
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N Nabeeha Khan 04 - Dec - 2024 02 Min 30 Sec 11/15
ICom Part 1 Principles of Economics ( English Medium) Chapter 1 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Which is not studied in macro economics |
A. National income
B. Money and banking
C. Price theory
D. Public finance
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| 2 | To derive economic laws inductive method was adopted by |
A. Classical school of thought
B. Neo classical school of thought
C. Historical school of thought
D. Modern school of thought
|
| 3 | Which economist did present the concept of macro economics |
A. Adam Smith
B. Marshall
C. Pigou
D. Keynes
|
| 4 | Economics according to its scope is: |
A. Science
B. Art
C. Science & Art
D. Only positive science
|
| 5 | Which is not studied in micro economics ? |
A. Theory of consumer behaviour
B. Price theory
C. Theory of money
D. Theory of distribution of wealth
|
| 6 | Economics is a science |
A. Political
B. Spiritual
C. Social
D. Scientific
|
| 7 | Who said that economics is the science of wealth ? |
A. Adam Smith
B. Robbins
C. Marshall
D. Pigou
|
| 8 | Inductive method represents: |
A. General to particular
B. Particular to general
C. Normative science
D. Economic planning
|
| 9 | Founder of Classical school of thought was: |
A. Adam smith
B. Marshall
C. Robbins
D. Keynes
|
| 10 | Who did give economics the status of positive science |
A. Marshall
B. Robbins
C. Cannon
D. Pareto
|
Test Questions